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"ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:DKK" } }, "fact1767": { "value": "191165000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1072": { "value": "
1. \u00a0
ACCOUNTING POLICIES \u00a0
The consolidated and the parent company financial statements of CeMat A/S for 2025 have been prepared in accordance with International Financial Reporting Standards \u00a0
as adopted by the EU and additional Danish disclosure requirements for annual reports of reporting class D entities (listed), as set out in the Danish Executive Order on \u00a0
Adoption of IFRSs issued in pursuance of the Danish Financial Statements Act and the rules and regulations of Nasdaq Copenhagen. \u00a0
The consolidated financial statements and the parent company financial statements are presented in Danish kroner (DKK), which is the Group\u2019s presentation currency and \u00a0
the functional currency of the parent company. \u00a0
Implementation of new and revised standards and interpretations \u00a0
New and revised standards and interpretations applying to financial years beginning on 1 January 2025 have been implemented in the annual report for 2025. \u00a0
Standards and interpretations affecting the profit/loss for the year or the financial position \u00a0
The implementation of new and revised standards and interpretations in the annual report for 2025 has not resulted in changes to presentation or disclosure. \u00a0
Standards and interpretations affecting presentation and disclosure \u00a0
The implementation of new and revised standards and interpretations in the annual report for 2025 has not resulted in changes to presentation or disclosure. \u00a0
Standards and interpretations not yet in force \u00a0
In Management\u2019s opinion, the application of new and revised standards and interpretations will not have a material impact on the annual reports for the coming financial \u00a0
years. In other respects, the accounting policies are consistent with last year\u2019s, as described in the following. \u00a0
Consolidated financial statements \u00a0
The consolidated financial statements consolidate the financial statements of the parent company, CeMat A/S, and subsidiaries in which the parent company directly or \u00a0
indirectly holds more than 50% of the shares. \u00a0
INCOME STATEMENT \u00a0
BALANCE SHEET \u00a0
Financial ratios \u00a0
Formula \u00a0
EBITDA margin (%) \u00a0
EBITDA*100 \u00a0
Revenue \u00a0
EBIT margin (%) (Profit margin) \u00a0
EBIT*100 \u00a0
Revenue \u00a0
Return on invested capital (%) \u00a0
EBIT*100 \u00a0
incl. goodwill \u00a0
Average invested capital \u00a0
Equity ratio (%) \u00a0
Equity*100 \u00a0
Total assets \u00a0
Return on equity (%) \u00a0
Profit/loss for the year after tax*100 \u00a0
Average equity \u00a0
Calculations of earnings per share and diluted earnings per share are specified in Note 8. \u00a0
Net working capital (NWC) is defined as the value of inventories, receivables and other operating assets less trade payables and other current operating liabilities. Cash and \u00a0
cash equivalents and deferred tax assets are not included in the net working capital. \u00a0
Net interest-bearing debt is defined as interest-bearing liabilities less interest-bearing assets, such as cash and cash equivalents. \u00a0
Invested capital is defined as net working capital plus the carrying amount of non-current property, plant and equipment and intangible assets, less other provisions and non- \u00a0
current operating liabilities. \u00a0
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is defined as EBIT plus depreciation, amortisation and goodwill impairment of the year. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1073": { "value": "
1. \u00a0
ACCOUNTING POLICIES \u00a0
The consolidated and the parent company financial statements of CeMat A/S for 2025 have been prepared in accordance with International Financial Reporting Standards \u00a0
as adopted by the EU and additional Danish disclosure requirements for annual reports of reporting class D entities (listed), as set out in the Danish Executive Order on \u00a0
Adoption of IFRSs issued in pursuance of the Danish Financial Statements Act and the rules and regulations of Nasdaq Copenhagen. \u00a0
The consolidated financial statements and the parent company financial statements are presented in Danish kroner (DKK), which is the Group\u2019s presentation currency and \u00a0
the functional currency of the parent company. \u00a0
Implementation of new and revised standards and interpretations \u00a0
New and revised standards and interpretations applying to financial years beginning on 1 January 2025 have been implemented in the annual report for 2025. \u00a0
Standards and interpretations affecting the profit/loss for the year or the financial position \u00a0
The implementation of new and revised standards and interpretations in the annual report for 2025 has not resulted in changes to presentation or disclosure. \u00a0
Standards and interpretations affecting presentation and disclosure \u00a0
The implementation of new and revised standards and interpretations in the annual report for 2025 has not resulted in changes to presentation or disclosure. \u00a0
Standards and interpretations not yet in force \u00a0
In Management\u2019s opinion, the application of new and revised standards and interpretations will not have a material impact on the annual reports for the coming financial \u00a0
years. In other respects, the accounting policies are consistent with last year\u2019s, as described in the following. \u00a0
Consolidated financial statements \u00a0
The consolidated financial statements consolidate the financial statements of the parent company, CeMat A/S, and subsidiaries in which the parent company directly or \u00a0
indirectly holds more than 50% of the shares. \u00a0
Basis of consolidation \u00a0
The consolidated financial statements are prepared on the basis of the financial statements of the parent company and those of the subsidiaries, which are all prepared in \u00a0
accordance with the Group\u2019s accounting policies. \u00a0
On consolidation, items of the same nature are aggregated and intra-group income and expenses, intra-group balances and shareholdings are eliminated. Unrealised gains \u00a0
and losses on transactions between consolidated companies are also eliminated. \u00a0
Financial statement items of subsidiaries are fully consolidated. The non-controlling interests\u2019 proportionate share of the profit/loss is included in the consolidated profit/loss \u00a0
and comprehensive income for the year and as a separate item under consolidated equity. \u00a0
Non-controlling interests \u00a0
On initial recognition, non-controlling interests are either recognised at their fair value or at their pro-rata share of the fair value of the acquired company\u2019s identifiable \u00a0
assets, liabilities and contingent liabilities. The choice of method is made individually for each transaction. The non-controlling interests are subsequently adjusted for their \u00a0
proportionate share of changes to the equity of the subsidiary. The comprehensive income is allocated to the non-controlling interests irrespective of the non-controlling \u00a0
interest consequently becoming negative. \u00a0
Acquisition or sale of non-controlling interests in a subsidiary not resulting in loss of controlling influence is recognised in the consolidated financial statements as an equity \u00a0
transaction, and the difference between the remuneration and the carrying amount is allocated to the parent company\u2019s share of equity. \u00a0
Foreign currency translation \u00a0
On initial recognition, transactions denominated in currencies other than the individual company\u2019s functional currency are translated at the exchange rate ruling at the \u00a0
transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at \u00a0
the exchange rates at the balance sheet date. Exchange differences between the exchange rate at the transaction date and the exchange rate at the date of payment or the \u00a0
balance sheet date, respectively, are recognised in the income statement under financial items. \u00a0
Property, plant and equipment and intangible assets, inventories and other non-monetary assets acquired in foreign currency and measured based on historical cost are \u00a0
translated at the exchange rates at the transaction date. \u00a0
On recognition in the consolidated financial statements of entities whose financial statements are presented in a functional currency other than Danish kroner (DKK), the \u00a0
income statements are translated at average exchange rates for the respective months, unless these deviate materially from the actual exchange rates at the transaction \u00a0
dates. In that case, the actual exchange rates are used. Balance sheet items are translated at the exchange rates at the balance sheet date. \u00a0
Exchange differences arising on the translation of foreign subsidiaries\u2019 opening balance sheet items to the exchange rates at the balance sheet date and on the translation \u00a0
of the income statements from average exchange rates to exchange rates at the balance sheet date are recognised in other comprehensive income. \u00a0
Foreign exchange adjustments of receivables from or payables to subsidiaries which are considered part of the parent company\u2019s overall investment in the subsidiary in \u00a0
question are recognised in other comprehensive income in the consolidated financial statements, while they are recognised in the income statement of the parent company. \u00a0
Tax \u00a0
Tax for the year, which consists of current tax and changes in deferred tax for the year, is recognised in the income statement with respect to the portion attributable to the \u00a0
profit/loss for the year and directly in equity with respect to the portion attributable to entries directly in equity. \u00a0
Current tax payable and receivable is recognised in the balance sheet as the tax calculated on the taxable income for the year, adjusted for tax paid on account. \u00a0
The calculation of the year\u2019s current tax is based on the tax rates and tax rules applicable at the balance sheet date. \u00a0
Deferred tax is measured using the tax rates and tax rules that, based on legislation in force or in reality in force at the balance sheet date, are expected to apply in the \u00a0
respective countries when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changed tax rates or rules are recognised in the \u00a0
income statement, unless the deferred tax can be attributed to items previously recognised directly in equity. In the latter case, the change is also recognised directly in \u00a0
equity. \u00a0
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. \u00a0
However, deferred tax is not recognised on temporary differences relating to the initial recognition of goodwill or the initial recognition of a transaction, apart from business \u00a0
combinations, and where the temporary difference existing at the date of initial recognition affects neither profit/loss for the year nor taxable income. \u00a0
Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent company is able to control when the deferred tax \u00a0
is to be realised and it is likely that the deferred tax will not crystallise as current tax within the foreseeable future. \u00a0
Deferred tax is calculated based on the planned use of the individual asset and the settlement of the individual liability, respectively. \u00a0
Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised in the balance sheet at the value at which the asset is expected to be realised, either \u00a0
through a set-off against deferred tax liabilities or as net tax assets to be offset against future positive taxable income. At each balance sheet date, an assessment is made \u00a0
as to whether it is likely that there will be sufficient future taxable income for the deferred tax asset to be utilised. \u00a0
INCOME STATEMENT \u00a0
Revenue \u00a0
Revenue is measured as the fair value of the consideration received or receivable. If interest-free credit has been granted for payment of the outstanding consideration \u00a0
extending beyond the usual credit period, the fair value of the payment is calculated by discounting future payments. The difference between the fair value and the nominal \u00a0
value of the consideration is recognised as financial income in the income statement over the extended credit period by using the effective interest method. \u00a0
Revenue is stated exclusive of VAT, duties, discounts, etc. levied on behalf of a third party. \u00a0
For leasing contracts that provide for rent exemptions, the effective rent for the entire contract period is used. \u00a0
Revenues from the sale of real estate (residential units, commercial space, etc.) are recognised at the time when the real estate purchaser takes over control of the real \u00a0
estate acquired and receives significant risks and rewards of ownership. According to the assessment of the management of the company, this takes place at the moment of \u00a0
handing over the real estate to the buyer on the basis of the acceptance protocol signed by the parties, provided that the buyer has made 100% payments towards the \u00a0
purchase price of the real estate. \u00a0
Raw Materials and Consumables \u00a0
Raw materials and consumables are recognized as an expense in the statement of profit or loss when consumed including costs of utilities are services that support operations. \u00a0
Changes in inventories of finished goods and work in progress \u00a0
Finished goods comprise completed residential or commercial units held for sale in the ordinary course of business. Work in progress comprises development projects under \u00a0
construction, including land or perpetual usufruct rights, construction costs, directly attributable design and planning costs, borrowing costs capitalized in accordance with \u00a0
the Company\u2019s accounting policy, and other costs directly related to the development process. The carrying amount of real estate inventory recognised in profit or loss is \u00a0
determined with reference to the directly attributable costs incurred on the property sold and an allocation of any other related costs based on the relative size of the \u00a0
property sold. \u00a0
Other external expenses \u00a0
Other external expenses include premises maintenance costs, advertising costs, administrative expenses, bad debts, etc. Other external expenses also comprise costs of \u00a0
development projects that do not qualify for recognition in the balance sheet. \u00a0
Staff costs \u00a0
Staff costs comprise wages and salaries and social security costs, pensions, share-based payment, etc. to the employees of the Group. \u00a0
Financial items \u00a0
Financial items comprise interest income and expenses, the interest element of finance lease payments, realised and unrealised foreign exchange gains and losses as well as \u00a0
surcharges and allowances under the Danish tax prepayment scheme. \u00a0
External financing costs are recognized as costs in the income statement in the period in which they are incurred, with the exception of activated costs, i.e. costs that can be \u00a0
directly attributed to the acquisition, construction or production of a 'qualifying asset' (in the case of the Company: for work in progress) as part of their production cost. \u00a0
Financial costs are capitalized to work in progress only during the period when the development project is active. The project is considered active when design or construction \u00a0
work is carried out on the purchased land and during the process of obtaining key administrative decisions needed to run the project. Financial costs cease to be capitalised \u00a0
when substantially all activities necessary to prepare the apartment for delivery to customers have been completed. Activation of financial costs is suspended in the event \u00a0
of suspension of activities related to investment activities on the project, including work related to the design, construction process or obtaining appropriate permits and \u00a0
administrative decisions regarding the project. \u00a0
BALANCE SHEET \u00a0
Investment property \u00a0
Investment property comprises properties owned for the purpose of receiving rent or obtaining capital gains. \u00a0
On initial recognition, investment property is measured at cost, comprising the purchase price and any costs directly attributable to the acquisition. \u00a0
Subsequently, investment property is measured at fair value, representing the price at which it is estimated that the property can be sold to an independent buyer at the \u00a0
balance sheet date. \u00a0
Investment property is divided into four groups: Internal roads; plots designed for external
roads; development areas; and industrial buildings. \u00a0
Internal roads, plots designed for external roads, and development areas (in the following referred to as \u201cproperties\u201d) are valued using a comparative approach. This approach \u00a0
assumes the variation in prices between at least three comparable properties can be explained by the differences in their individual attributes such as location, surroundings, \u00a0
accessibility, development potential, etc. The influence of each of these attributes on value is assigned a percentage weighting, and the characteristics of each comparable \u00a0
and the subject are then rated, typically from 1\u20135, very good to very poor. The price of each comparable is adjusted according to how it differs from the subject, with the \u00a0
resulting adjusted average price from the comparables taken as providing a reasonable indication of the subject\u2019s value. \u00a0
Industrial buildings are valued using an earnings-based approach based on normal earnings. Income from each lessee is expected to be generated for as long as the lease is \u00a0
in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. Adjustments are \u00a0
made for lost rental income, fitting-out deposits and un-obtainable running costs. \u00a0
The required rates of return having been set are an important input in estimating the fair values. The required rate of return used was 13.4%. \u00a0
As regards properties where claims as to title have not yet been accommodated, the value is further reduced by 20% due to the risk that such claims will be accommodated \u00a0
and due to the expenses associated with this transitional phase. \u00a0
Adjustments of the fair value of investment property are recognised in profit or loss in the financial year in which the change occurred. \u00a0
Investments in subsidiaries \u00a0
On initial recognition, investments in subsidiaries are measured at cost plus transaction costs. Where the recoverable amount of the investments is lower than cost, the \u00a0
investments are written down to this lower value. \u00a0
Inventory \u00a0
Finished products \u00a0
Finished products are mainly residential units and parking spaces. Finished products are valued at the lower of the two values: manufacturing cost and net realisable value. \u00a0
The net realisable value is the estimated selling price assessed by the Management Board of the company based on market prices. \u00a0
Work in progress \u00a0
Work in progress is valued at the lower of the two values: purchase price / production cost / fair value at the moment of transfer from the investment property (land plots) \u00a0
and the net realisable value. In the event of any discrepancies, a write-down is made. With regard to the company's development projects, the necessity to make an \u00a0
impairment loss is assessed on the basis of the \"impairment test\" described below, based on an analysis of the production cost and the net realisable value. \u00a0
Inventory impairment test \u00a0
If a development project is expected to generate a loss, it results in a write-down of work in progress, which is immediately recognised in the profit and loss account. \u00a0
For each development project, budgets are prepared that include both past and future cash flows for each implemented project. These budgets are updated at least semi- \u00a0
annually. For the purposes of impairment testing, project budgets include all past and projected net revenues less the direct costs of land acquisition, design, construction \u00a0
and other costs related to project preparation, demonstration premises and the on-site sales office. These budgets are also encumbered with associated past and projected \u00a0
borrowing costs and projected customer claims (if applicable). Project budgets are prepared using the principle of prudent valuation. If the margin on the project, calculated \u00a0
taking into account all revenues and the above-mentioned costs, is positive, then there is no need to create an inventory impairment write-down. A negative margin indicates \u00a0
a potential impairment problem, which, after careful verification of cash flows for a given project, results in the recognition of an inventory impairment loss in the amount \u00a0
of the estimated negative value of this margin. \u00a0
The revaluation write-off is recognised in the cost of sales in the item \"Adjustment of the value of inventories to the net realisable value\". A possible reversal of such an \u00a0
impairment loss for a given project is possible if the expected value of the margin on this project becomes positive. \u00a0
Transferring land plots from investment property to inventories \u00a0
Investment property is transferred to inventory when the development process has been decided and initiated, a decision on the possible way of developing the plot has \u00a0
been obtained, and expenses related to the project have already taken place. \u00a0
Receivables \u00a0
Receivables comprise non-current deposits in connection with the purchase and sale of goods and receivables from sale of goods and services. Receivables are classified as \u00a0
loans and receivables, which are financial assets with fixed or determinable payments that are not quoted in an active market and are not derivative financial instruments. \u00a0
On initial recognition, receivables are measured at fair value and subsequently at amortised cost, which usually corresponds to the nominal value less write-downs for bad \u00a0
debts. \u00a0
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the \u00a0
expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the \u00a0
payment profiles of sales over a period of 12 months respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are \u00a0
adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified \u00a0
the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates \u00a0
based on expected changes in these factors. \u00a0
Prepayments \u00a0
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. \u00a0
Provisions \u00a0
Provisions are recognised when the Group has a legal or constructive obligation as a consequence of past events during the financial year or prior years, and when it is likely \u00a0
that settlement of the obligation will require an outflow of the Group\u2019s financial resources. Warranty commitments cover commitments to repair faulty or defective products \u00a0
sold within the warranty period. \u00a0
Provisions are measured as the best estimate of the costs required to settle the liabilities at the balance sheet date. Provisions with an expected term of more than a year \u00a0
after the balance sheet date are measured at present value. \u00a0
Lease liabilities \u00a0
IFRS 16 eliminates the classification of leases as either operating leases or finance leases. Lease liabilities for all leases with a term of more than 12 months are recognised, \u00a0
unless the underlying asset is of low value. \u00a0
At the commencement date, a lease liability is measured at the present value of future lease payments. The lease payments are discounted using the interest rate implicit in \u00a0
the lease, if that rate can be readily determined. If that rate cannot be readily determined, the incremental borrowing rate is used. \u00a0
After the commencement date, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to \u00a0
reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modification or to reflect revised in-substance fixed lease \u00a0
payments. \u00a0
Other financial liabilities \u00a0
Other financial liabilities comprise bank debt, trade payables and other payables to public authorities. On initial recognition, other financial liabilities are measured at fair \u00a0
value less transaction costs. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest method, to the effect that the difference \u00a0
between the proceeds and the nominal value is recognised in the income statement as a financial expense over the term of the loan. \u00a0
CASH FLOW STATEMENT \u00a0
The consolidated cash flow statement is presented according to the indirect method and shows cash flows from operating, investing and financing activities as well as cash \u00a0
and cash equivalents at the beginning and the end of the year. \u00a0
The cash effect of acquisitions and divestments of entities is shown separately under cash flows from investing activities. Cash flows from the acquisition of entities are \u00a0
recognised in the cash flow statement from the date of acquisition. Cash flows from the disposal of entities are recognised up to the date of disposal. \u00a0
Cash flows from operating activities are presented according to the indirect method and stated as operating profit, adjusted for non-cash operating items and changes in \u00a0
working capital and financial income and expenses, less the income tax paid during the financial year attributable to operating activities. \u00a0
Cash flows from investing activities comprise payments related to the purchase and sale of financial assets, including non-current prepayments for goods, subsidiaries as well \u00a0
as the purchase, development, improvement, sale, etc. of intangible assets and property, plant and equipment. \u00a0
Cash flows from financing activities comprise changes in the size or the composition of the parent company\u2019s share capital and related costs as well as the raising and \u00a0
repayment of loans, cash deposits, instalments on interest-bearing debt, acquisition of treasury shares and payment of dividends. Furthermore, cash flows regarding assets \u00a0
held under finance leases in the form of lease payments made are recognised. \u00a0
Cash and cash equivalents comprise cash deposits. \u00a0
Segment information \u00a0
The Group is assessed as having two segments: \u00a0
(A) Property management division comprising letting of premises and land and the provision of utilities to tenants, including power, water, natural gas, facility \u00a0
services, etc. \u00a0
(B) Property development \u2013 including the preparation and implementation of development projects, primarily in the field of housing and commercial space. \u00a0
Segment information is measured in accordance with the accounting policies applied in the consolidated financial statements. Segments are reported in a manner \u00a0
consistent with the internal reporting provided to Executive Management and the Board of Directors. \u00a0
Financial ratios \u00a0
Formula \u00a0
EBITDA margin (%) \u00a0
EBITDA*100 \u00a0
Revenue \u00a0
EBIT margin (%) (Profit margin) \u00a0
EBIT*100 \u00a0
Revenue \u00a0
Return on invested capital (%) \u00a0
EBIT*100 \u00a0
incl. goodwill \u00a0
Average invested capital \u00a0
Equity ratio (%) \u00a0
Equity*100 \u00a0
Total assets \u00a0
Return on equity (%) \u00a0
Profit/loss for the year after tax*100 \u00a0
Average equity \u00a0
Calculations of earnings per share and diluted earnings per share are specified in Note 8. \u00a0
Net working capital (NWC) is defined as the value of inventories, receivables and other operating assets less trade payables and other current operating liabilities. Cash and \u00a0
cash equivalents and deferred tax assets are not included in the net working capital. \u00a0
Net interest-bearing debt is defined as interest-bearing liabilities less interest-bearing assets, such as cash and cash equivalents. \u00a0
Invested capital is defined as net working capital plus the carrying amount of non-current property, plant and equipment and intangible assets, less other provisions and non- \u00a0
current operating liabilities. \u00a0
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is defined as EBIT plus depreciation, amortisation and goodwill impairment of the year. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1076": { "value": "
Basis of consolidation \u00a0
The consolidated financial statements are prepared on the basis of the financial statements of the parent company and those of the subsidiaries, which are all prepared in \u00a0
accordance with the Group\u2019s accounting policies. \u00a0
On consolidation, items of the same nature are aggregated and intra-group income and expenses, intra-group balances and shareholdings are eliminated. Unrealised gains \u00a0
and losses on transactions between consolidated companies are also eliminated. \u00a0
Financial statement items of subsidiaries are fully consolidated. The non-controlling interests\u2019 proportionate share of the profit/loss is included in the consolidated profit/loss \u00a0
and comprehensive income for the year and as a separate item under consolidated equity. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1078": { "value": "
Non-controlling interests \u00a0
On initial recognition, non-controlling interests are either recognised at their fair value or at their pro-rata share of the fair value of the acquired company\u2019s identifiable \u00a0
assets, liabilities and contingent liabilities. The choice of method is made individually for each transaction. The non-controlling interests are subsequently adjusted for their \u00a0
proportionate share of changes to the equity of the subsidiary. The comprehensive income is allocated to the non-controlling interests irrespective of the non-controlling \u00a0
interest consequently becoming negative. \u00a0
Acquisition or sale of non-controlling interests in a subsidiary not resulting in loss of controlling influence is recognised in the consolidated financial statements as an equity \u00a0
transaction, and the difference between the remuneration and the carrying amount is allocated to the parent company\u2019s share of equity. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1080": { "value": "
Foreign currency translation \u00a0
On initial recognition, transactions denominated in currencies other than the individual company\u2019s functional currency are translated at the exchange rate ruling at the \u00a0
transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at \u00a0
the exchange rates at the balance sheet date. Exchange differences between the exchange rate at the transaction date and the exchange rate at the date of payment or the \u00a0
balance sheet date, respectively, are recognised in the income statement under financial items. \u00a0
Property, plant and equipment and intangible assets, inventories and other non-monetary assets acquired in foreign currency and measured based on historical cost are \u00a0
translated at the exchange rates at the transaction date. \u00a0
On recognition in the consolidated financial statements of entities whose financial statements are presented in a functional currency other than Danish kroner (DKK), the \u00a0
income statements are translated at average exchange rates for the respective months, unless these deviate materially from the actual exchange rates at the transaction \u00a0
dates. In that case, the actual exchange rates are used. Balance sheet items are translated at the exchange rates at the balance sheet date. \u00a0
Exchange differences arising on the translation of foreign subsidiaries\u2019 opening balance sheet items to the exchange rates at the balance sheet date and on the translation \u00a0
of the income statements from average exchange rates to exchange rates at the balance sheet date are recognised in other comprehensive income. \u00a0
Foreign exchange adjustments of receivables from or payables to subsidiaries which are considered part of the parent company\u2019s overall investment in the subsidiary in \u00a0
question are recognised in other comprehensive income in the consolidated financial statements, while they are recognised in the income statement of the parent company. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1082": { "value": "
Tax \u00a0
Tax for the year, which consists of current tax and changes in deferred tax for the year, is recognised in the income statement with respect to the portion attributable to the \u00a0
profit/loss for the year and directly in equity with respect to the portion attributable to entries directly in equity. \u00a0
Current tax payable and receivable is recognised in the balance sheet as the tax calculated on the taxable income for the year, adjusted for tax paid on account. \u00a0
The calculation of the year\u2019s current tax is based on the tax rates and tax rules applicable at the balance sheet date. \u00a0
Deferred tax is measured using the tax rates and tax rules that, based on legislation in force or in reality in force at the balance sheet date, are expected to apply in the \u00a0
respective countries when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changed tax rates or rules are recognised in the \u00a0
income statement, unless the deferred tax can be attributed to items previously recognised directly in equity. In the latter case, the change is also recognised directly in \u00a0
equity. \u00a0
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. \u00a0
However, deferred tax is not recognised on temporary differences relating to the initial recognition of goodwill or the initial recognition of a transaction, apart from business \u00a0
combinations, and where the temporary difference existing at the date of initial recognition affects neither profit/loss for the year nor taxable income. \u00a0
Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent company is able to control when the deferred tax \u00a0
is to be realised and it is likely that the deferred tax will not crystallise as current tax within the foreseeable future. \u00a0
Deferred tax is calculated based on the planned use of the individual asset and the settlement of the individual liability, respectively. \u00a0
Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised in the balance sheet at the value at which the asset is expected to be realised, either \u00a0
through a set-off against deferred tax liabilities or as net tax assets to be offset against future positive taxable income. At each balance sheet date, an assessment is made \u00a0
as to whether it is likely that there will be sufficient future taxable income for the deferred tax asset to be utilised. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1083": { "value": "
Tax \u00a0
Tax for the year, which consists of current tax and changes in deferred tax for the year, is recognised in the income statement with respect to the portion attributable to the \u00a0
profit/loss for the year and directly in equity with respect to the portion attributable to entries directly in equity. \u00a0
Current tax payable and receivable is recognised in the balance sheet as the tax calculated on the taxable income for the year, adjusted for tax paid on account. \u00a0
The calculation of the year\u2019s current tax is based on the tax rates and tax rules applicable at the balance sheet date. \u00a0
Deferred tax is measured using the tax rates and tax rules that, based on legislation in force or in reality in force at the balance sheet date, are expected to apply in the \u00a0
respective countries when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changed tax rates or rules are recognised in the \u00a0
income statement, unless the deferred tax can be attributed to items previously recognised directly in equity. In the latter case, the change is also recognised directly in \u00a0
equity. \u00a0
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. \u00a0
However, deferred tax is not recognised on temporary differences relating to the initial recognition of goodwill or the initial recognition of a transaction, apart from business \u00a0
combinations, and where the temporary difference existing at the date of initial recognition affects neither profit/loss for the year nor taxable income. \u00a0
Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent company is able to control when the deferred tax \u00a0
is to be realised and it is likely that the deferred tax will not crystallise as current tax within the foreseeable future. \u00a0
Deferred tax is calculated based on the planned use of the individual asset and the settlement of the individual liability, respectively. \u00a0
Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised in the balance sheet at the value at which the asset is expected to be realised, either \u00a0
through a set-off against deferred tax liabilities or as net tax assets to be offset against future positive taxable income. At each balance sheet date, an assessment is made \u00a0
as to whether it is likely that there will be sufficient future taxable income for the deferred tax asset to be utilised. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1084": { "value": "
Tax \u00a0
Tax for the year, which consists of current tax and changes in deferred tax for the year, is recognised in the income statement with respect to the portion attributable to the \u00a0
profit/loss for the year and directly in equity with respect to the portion attributable to entries directly in equity. \u00a0
Current tax payable and receivable is recognised in the balance sheet as the tax calculated on the taxable income for the year, adjusted for tax paid on account. \u00a0
The calculation of the year\u2019s current tax is based on the tax rates and tax rules applicable at the balance sheet date. \u00a0
Deferred tax is measured using the tax rates and tax rules that, based on legislation in force or in reality in force at the balance sheet date, are expected to apply in the \u00a0
respective countries when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changed tax rates or rules are recognised in the \u00a0
income statement, unless the deferred tax can be attributed to items previously recognised directly in equity. In the latter case, the change is also recognised directly in \u00a0
equity. \u00a0
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. \u00a0
However, deferred tax is not recognised on temporary differences relating to the initial recognition of goodwill or the initial recognition of a transaction, apart from business \u00a0
combinations, and where the temporary difference existing at the date of initial recognition affects neither profit/loss for the year nor taxable income. \u00a0
Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent company is able to control when the deferred tax \u00a0
is to be realised and it is likely that the deferred tax will not crystallise as current tax within the foreseeable future. \u00a0
Deferred tax is calculated based on the planned use of the individual asset and the settlement of the individual liability, respectively. \u00a0
Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised in the balance sheet at the value at which the asset is expected to be realised, either \u00a0
through a set-off against deferred tax liabilities or as net tax assets to be offset against future positive taxable income. At each balance sheet date, an assessment is made \u00a0
as to whether it is likely that there will be sufficient future taxable income for the deferred tax asset to be utilised. \u00a0
Tax asset utilisation \u00a0
Deferred tax assets are recognised for all unutilised tax losses and differences to the extent it is considered likely that they can be utilised through taxable income within a \u00a0
foreseeable number of years. \u00a0
The annual report is published only in English. \u00a0
7. \u00a0
TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX \u00a0
GROUP \u00a0
The current tax for the financial year has been calculated at a tax rate of 22.0%. \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Current tax \u00a0
(8 887) \u00a0
(1 374) \u00a0
Change in deferred tax including change in value \u00a0
(9 686) \u00a0
(2 946) \u00a0
Adjustment of current tax relating to prior years \u00a0
0
0
Adjustment of deferred tax relating to prior years \u00a0
0
0
Total \u00a0
(18 573) \u00a0
(4 320) \u00a0
Tax on the profit/loss for the year may be specified as follows: \u00a0
Profit/(loss) before tax \u00a0
84 438 \u00a0
17 769 \u00a0
Tax at a rate of 22.0% \u00a0
(18 576) \u00a0
(22,0%) \u00a0
(3 909) \u00a0
(22,0%) \u00a0
Effect of different tax rate in foreign entities \u00a0
2 695 \u00a0
3,2% \u00a0
683 \u00a0
3,8% \u00a0
Tax base of non-deductible expenses and non-taxable income \u00a0
(1 294) \u00a0
(1,5%) \u00a0
219 \u00a0
1,2% \u00a0
Adjustment of current tax relating to prior years \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Adjustment of deferred tax relating to prior years \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Value adjustment of deferred tax \u00a0
(1 397) \u00a0
(1,7%) \u00a0
(1 312) \u00a0
(7,4%) \u00a0
Effect on deferred tax of change in tax rate \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Total \u00a0
(18 573) \u00a0
(22,0%) \u00a0
(4 320) \u00a0
(24,3%) \u00a0
GROUP \u00a0
BREAKDOWN OF DEFERRED TAX FOR THE GROUP STATED IN THE BALANCE SHEET: \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Temporary differences in tax assets and liabilities \u00a0
0
0
Deferred tax asset, see balance sheet \u00a0
0
0
Deferred tax liabilities, see balance sheet \u00a0
(47 708) \u00a0
(38 265) \u00a0
Deferred tax, net \u00a0
(47 708) \u00a0
(38 265) \u00a0
2025 \u00a0
Recognised \u00a0
Transfer \u00a0
Foreign \u00a0
in income \u00a0
between \u00a0
exchange \u00a0
Deferred tax
statement \u00a0
categories adjustment
Deferred tax \u00a0
DKK'000 \u00a0
01.01.2025 \u00a0
2025 \u00a0
2025 2025
31.12.2025 \u00a0
Intangible assets \u00a0
0
0
0
0
0
Property, plant and equipment \u00a0
(37 295) \u00a0
(9 616) \u00a0
7 630 \u00a0
(426) \u00a0
(39 707) \u00a0
Inventories \u00a0
(165) \u00a0
(37) \u00a0
(7 630) \u00a0
(3) \u00a0
(7 835) \u00a0
Receivables \u00a0
(2 140) \u00a0
(16) \u00a0
679 \u00a0
(22) \u00a0
(1 499) \u00a0
Payables \u00a0
173 \u00a0
71 \u00a0
0
2
246 \u00a0
Total \u00a0
(39 427) \u00a0
(9 598) \u00a0
679 \u00a0
(450) \u00a0
(48 795) \u00a0
Tax loss carry-forwards \u00a0
28 278 \u00a0
1 310 \u00a0
0
301 \u00a0
29 889 \u00a0
Unutilised tax losses \u00a0
28 278 \u00a0
1 310 \u00a0
0
301 \u00a0
29 889 \u00a0
Value adjustment \u00a0
(27 117) \u00a0
(1 397) \u00a0
0
(289) \u00a0
(28 803) \u00a0
Total \u00a0
(38 265) \u00a0
(9 686) \u00a0
679 \u00a0
(438) \u00a0
(47 708) \u00a0
The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet. \u00a0
2024 \u00a0
Recognised \u00a0
Transfer \u00a0
Foreign \u00a0
in income \u00a0
between \u00a0
exchange \u00a0
Deferred tax
statement \u00a0
categories adjustment
Deferred tax \u00a0
DKK'000 \u00a0
01.01.2024 \u00a0
2024 \u00a0
2024 \u00a0
2024 \u00a0
31.12.2024 \u00a0
Intangible assets \u00a0
0
0
0
0
0
Property, plant and equipment \u00a0
(34 186) \u00a0
(2 564) \u00a0
0
(545) \u00a0
(37 295) \u00a0
Inventories \u00a0
0
(165) \u00a0
0
0
(165) \u00a0
Receivables \u00a0
(2 106) \u00a0
5
0
(39) \u00a0
(2 140) \u00a0
Payables \u00a0
243 \u00a0
(72) \u00a0
0
2
173 \u00a0
Total \u00a0
(36 049) \u00a0
(2 796) \u00a0
0
(582) \u00a0
(39 427) \u00a0
Tax loss carry-forwards \u00a0
26 630 \u00a0
1 162 \u00a0
0
486 \u00a0
28 278 \u00a0
Unutilised tax losses \u00a0
26 630 \u00a0
1 162 \u00a0
0
486 \u00a0
28 278 \u00a0
Value adjustment \u00a0
(25 342) \u00a0
(1 312) \u00a0
0
(463) \u00a0
(27 117) \u00a0
Total \u00a0
(34 760) \u00a0
(2 946) \u00a0
0
(559) \u00a0
(38 265) \u00a0
The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet. \u00a0
PARENT COMPANY \u00a0
The current tax for the financial year has been calculated at a tax rate of 22.0%. \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Current tax \u00a0
0
0
Change in deferred tax including change in value \u00a0
0
0
Adjustment of current tax relating to prior years \u00a0
0
0
Adjustment of deferred tax relating to prior years \u00a0
0
0
Total \u00a0
0
0
Tax on the profit/loss for the year may be specified as follows: \u00a0
Profit/(loss) before tax \u00a0
(5 834) \u00a0
(5 701) \u00a0
Tax at a rate of 22.0% \u00a0
1 283 \u00a0
(22,0%) \u00a0
1 254 \u00a0
(22,0%) \u00a0
Tax base of non-deductible expenses and non-taxable income \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Adjustment of current tax relating to prior years \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Adjustment of deferred tax relating to prior years \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Value adjustment of deferred tax \u00a0
(1 283) \u00a0
22,0% \u00a0
(1 254) \u00a0
22,0% \u00a0
Effect on deferred tax of change in tax rate \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Total \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company\u2019s balance sheet. \u00a0
Recognised \u00a0
2025 \u00a0
in income \u00a0
Deferred tax
tax \u00a0
statement Deferred
DKK'000 \u00a0
01.01.2025 \u00a0
2025 \u00a0
31.12.2025 \u00a0
Intangible assets \u00a0
0
0
0
Property, plant and equipment \u00a0
0
0
0
Inventories \u00a0
0
0
0
Trade receivables \u00a0
0
0
0
Other payables etc. \u00a0
0
0
0
Total \u00a0
0
0
0
Tax loss carry-forwards \u00a0
27 117 \u00a0
1 283 \u00a0
28 400 \u00a0
Unutilised tax losses \u00a0
27 117 \u00a0
1 283 \u00a0
28 400 \u00a0
Value adjustment \u00a0
(27 117) \u00a0
(1 283) \u00a0
(28 400) \u00a0
Total \u00a0
0
0
0
Recognised \u00a0
2024 \u00a0
in income \u00a0
Deferred tax
tax \u00a0
statement Deferred
DKK'000 \u00a0
01.01.2024 2024 31.12.2024 \u00a0
Intangible assets \u00a0
0
0
0
Property, plant and equipment \u00a0
0
0
0
Inventories \u00a0
0
0
0
Trade receivables \u00a0
0
0
0
Other payables etc. \u00a0
0
0
0
Total \u00a0
0
0
0
Tax loss carry-forwards \u00a0
25 863 \u00a0
1 254 \u00a0
27 117 \u00a0
Unutilised tax losses \u00a0
25 863 \u00a0
1 254 \u00a0
27 117 \u00a0
Value adjustment \u00a0
(25 863) \u00a0
(1 254) \u00a0
(27 117) \u00a0
Total \u00a0
0
0
0
Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company\u2019s balance sheet. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1085": { "value": "
Tax \u00a0
Tax for the year, which consists of current tax and changes in deferred tax for the year, is recognised in the income statement with respect to the portion attributable to the \u00a0
profit/loss for the year and directly in equity with respect to the portion attributable to entries directly in equity. \u00a0
Current tax payable and receivable is recognised in the balance sheet as the tax calculated on the taxable income for the year, adjusted for tax paid on account. \u00a0
The calculation of the year\u2019s current tax is based on the tax rates and tax rules applicable at the balance sheet date. \u00a0
Deferred tax is measured using the tax rates and tax rules that, based on legislation in force or in reality in force at the balance sheet date, are expected to apply in the \u00a0
respective countries when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changed tax rates or rules are recognised in the \u00a0
income statement, unless the deferred tax can be attributed to items previously recognised directly in equity. In the latter case, the change is also recognised directly in \u00a0
equity. \u00a0
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. \u00a0
However, deferred tax is not recognised on temporary differences relating to the initial recognition of goodwill or the initial recognition of a transaction, apart from business \u00a0
combinations, and where the temporary difference existing at the date of initial recognition affects neither profit/loss for the year nor taxable income. \u00a0
Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent company is able to control when the deferred tax \u00a0
is to be realised and it is likely that the deferred tax will not crystallise as current tax within the foreseeable future. \u00a0
Deferred tax is calculated based on the planned use of the individual asset and the settlement of the individual liability, respectively. \u00a0
Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised in the balance sheet at the value at which the asset is expected to be realised, either \u00a0
through a set-off against deferred tax liabilities or as net tax assets to be offset against future positive taxable income. At each balance sheet date, an assessment is made \u00a0
as to whether it is likely that there will be sufficient future taxable income for the deferred tax asset to be utilised. \u00a0
7. \u00a0
TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX \u00a0
GROUP \u00a0
The current tax for the financial year has been calculated at a tax rate of 22.0%. \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Current tax \u00a0
(8 887) \u00a0
(1 374) \u00a0
Change in deferred tax including change in value \u00a0
(9 686) \u00a0
(2 946) \u00a0
Adjustment of current tax relating to prior years \u00a0
0
0
Adjustment of deferred tax relating to prior years \u00a0
0
0
Total \u00a0
(18 573) \u00a0
(4 320) \u00a0
Tax on the profit/loss for the year may be specified as follows: \u00a0
Profit/(loss) before tax \u00a0
84 438 \u00a0
17 769 \u00a0
Tax at a rate of 22.0% \u00a0
(18 576) \u00a0
(22,0%) \u00a0
(3 909) \u00a0
(22,0%) \u00a0
Effect of different tax rate in foreign entities \u00a0
2 695 \u00a0
3,2% \u00a0
683 \u00a0
3,8% \u00a0
Tax base of non-deductible expenses and non-taxable income \u00a0
(1 294) \u00a0
(1,5%) \u00a0
219 \u00a0
1,2% \u00a0
Adjustment of current tax relating to prior years \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Adjustment of deferred tax relating to prior years \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Value adjustment of deferred tax \u00a0
(1 397) \u00a0
(1,7%) \u00a0
(1 312) \u00a0
(7,4%) \u00a0
Effect on deferred tax of change in tax rate \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Total \u00a0
(18 573) \u00a0
(22,0%) \u00a0
(4 320) \u00a0
(24,3%) \u00a0
GROUP \u00a0
BREAKDOWN OF DEFERRED TAX FOR THE GROUP STATED IN THE BALANCE SHEET: \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Temporary differences in tax assets and liabilities \u00a0
0
0
Deferred tax asset, see balance sheet \u00a0
0
0
Deferred tax liabilities, see balance sheet \u00a0
(47 708) \u00a0
(38 265) \u00a0
Deferred tax, net \u00a0
(47 708) \u00a0
(38 265) \u00a0
2025 \u00a0
Recognised \u00a0
Transfer \u00a0
Foreign \u00a0
in income \u00a0
between \u00a0
exchange \u00a0
Deferred tax
statement \u00a0
categories adjustment
Deferred tax \u00a0
DKK'000 \u00a0
01.01.2025 \u00a0
2025 \u00a0
2025 2025
31.12.2025 \u00a0
Intangible assets \u00a0
0
0
0
0
0
Property, plant and equipment \u00a0
(37 295) \u00a0
(9 616) \u00a0
7 630 \u00a0
(426) \u00a0
(39 707) \u00a0
Inventories \u00a0
(165) \u00a0
(37) \u00a0
(7 630) \u00a0
(3) \u00a0
(7 835) \u00a0
Receivables \u00a0
(2 140) \u00a0
(16) \u00a0
679 \u00a0
(22) \u00a0
(1 499) \u00a0
Payables \u00a0
173 \u00a0
71 \u00a0
0
2
246 \u00a0
Total \u00a0
(39 427) \u00a0
(9 598) \u00a0
679 \u00a0
(450) \u00a0
(48 795) \u00a0
Tax loss carry-forwards \u00a0
28 278 \u00a0
1 310 \u00a0
0
301 \u00a0
29 889 \u00a0
Unutilised tax losses \u00a0
28 278 \u00a0
1 310 \u00a0
0
301 \u00a0
29 889 \u00a0
Value adjustment \u00a0
(27 117) \u00a0
(1 397) \u00a0
0
(289) \u00a0
(28 803) \u00a0
Total \u00a0
(38 265) \u00a0
(9 686) \u00a0
679 \u00a0
(438) \u00a0
(47 708) \u00a0
The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet. \u00a0
2024 \u00a0
Recognised \u00a0
Transfer \u00a0
Foreign \u00a0
in income \u00a0
between \u00a0
exchange \u00a0
Deferred tax
statement \u00a0
categories adjustment
Deferred tax \u00a0
DKK'000 \u00a0
01.01.2024 \u00a0
2024 \u00a0
2024 \u00a0
2024 \u00a0
31.12.2024 \u00a0
Intangible assets \u00a0
0
0
0
0
0
Property, plant and equipment \u00a0
(34 186) \u00a0
(2 564) \u00a0
0
(545) \u00a0
(37 295) \u00a0
Inventories \u00a0
0
(165) \u00a0
0
0
(165) \u00a0
Receivables \u00a0
(2 106) \u00a0
5
0
(39) \u00a0
(2 140) \u00a0
Payables \u00a0
243 \u00a0
(72) \u00a0
0
2
173 \u00a0
Total \u00a0
(36 049) \u00a0
(2 796) \u00a0
0
(582) \u00a0
(39 427) \u00a0
Tax loss carry-forwards \u00a0
26 630 \u00a0
1 162 \u00a0
0
486 \u00a0
28 278 \u00a0
Unutilised tax losses \u00a0
26 630 \u00a0
1 162 \u00a0
0
486 \u00a0
28 278 \u00a0
Value adjustment \u00a0
(25 342) \u00a0
(1 312) \u00a0
0
(463) \u00a0
(27 117) \u00a0
Total \u00a0
(34 760) \u00a0
(2 946) \u00a0
0
(559) \u00a0
(38 265) \u00a0
The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet. \u00a0
PARENT COMPANY \u00a0
The current tax for the financial year has been calculated at a tax rate of 22.0%. \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Current tax \u00a0
0
0
Change in deferred tax including change in value \u00a0
0
0
Adjustment of current tax relating to prior years \u00a0
0
0
Adjustment of deferred tax relating to prior years \u00a0
0
0
Total \u00a0
0
0
Tax on the profit/loss for the year may be specified as follows: \u00a0
Profit/(loss) before tax \u00a0
(5 834) \u00a0
(5 701) \u00a0
Tax at a rate of 22.0% \u00a0
1 283 \u00a0
(22,0%) \u00a0
1 254 \u00a0
(22,0%) \u00a0
Tax base of non-deductible expenses and non-taxable income \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Adjustment of current tax relating to prior years \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Adjustment of deferred tax relating to prior years \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Value adjustment of deferred tax \u00a0
(1 283) \u00a0
22,0% \u00a0
(1 254) \u00a0
22,0% \u00a0
Effect on deferred tax of change in tax rate \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Total \u00a0
0
0,0% \u00a0
0
0,0% \u00a0
Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company\u2019s balance sheet. \u00a0
Recognised \u00a0
2025 \u00a0
in income \u00a0
Deferred tax
tax \u00a0
statement Deferred
DKK'000 \u00a0
01.01.2025 \u00a0
2025 \u00a0
31.12.2025 \u00a0
Intangible assets \u00a0
0
0
0
Property, plant and equipment \u00a0
0
0
0
Inventories \u00a0
0
0
0
Trade receivables \u00a0
0
0
0
Other payables etc. \u00a0
0
0
0
Total \u00a0
0
0
0
Tax loss carry-forwards \u00a0
27 117 \u00a0
1 283 \u00a0
28 400 \u00a0
Unutilised tax losses \u00a0
27 117 \u00a0
1 283 \u00a0
28 400 \u00a0
Value adjustment \u00a0
(27 117) \u00a0
(1 283) \u00a0
(28 400) \u00a0
Total \u00a0
0
0
0
Recognised \u00a0
2024 \u00a0
in income \u00a0
Deferred tax
tax \u00a0
statement Deferred
DKK'000 \u00a0
01.01.2024 2024 31.12.2024 \u00a0
Intangible assets \u00a0
0
0
0
Property, plant and equipment \u00a0
0
0
0
Inventories \u00a0
0
0
0
Trade receivables \u00a0
0
0
0
Other payables etc. \u00a0
0
0
0
Total \u00a0
0
0
0
Tax loss carry-forwards \u00a0
25 863 \u00a0
1 254 \u00a0
27 117 \u00a0
Unutilised tax losses \u00a0
25 863 \u00a0
1 254 \u00a0
27 117 \u00a0
Value adjustment \u00a0
(25 863) \u00a0
(1 254) \u00a0
(27 117) \u00a0
Total \u00a0
0
0
0
Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company\u2019s balance sheet. \u00a0
24. FINANCIAL
RISKS AND FINANCIAL INSTRUMENTS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Trade receivables \u00a0
8 920 \u00a0
2 923 \u00a0
846 \u00a0
517 \u00a0
Intra-group receivables \u00a0
0
0
0
0
Other receivables, current \u00a0
1 864 \u00a0
3 793 \u00a0
0
0
Other receivables, non-current \u00a0
952 \u00a0
309 \u00a0
0
0
Prepayments \u00a0
2 345 \u00a0
0
229 \u00a0
71 \u00a0
Cash and cash equivalents \u00a0
40 489 \u00a0
10 265 \u00a0
1 075 \u00a0
588 \u00a0
Loans, advances and receivables \u00a0
54 570 \u00a0
17 290 \u00a0
49 180 \u00a0
42 919 \u00a0
Debt to subsidiaries \u00a0
0
0
0
0
Finance lease liabilities, current \u00a0
1 862 \u00a0
1 622 \u00a0
0
0
Finance lease liabilities, non-current \u00a0
24 283 \u00a0
24 958 \u00a0
0
0
Bank loans \u00a0
0
17 020 \u00a0
0
0
Other non-current liabilities \u00a0
6 430 \u00a0
6 270 \u00a0
540 \u00a0
339 \u00a0
Trade payables \u00a0
3 117 \u00a0
12 722 \u00a0
0
0
Income tax payable \u00a0
3 090 \u00a0
326 \u00a0
1 101 \u00a0
1 242 \u00a0
Other payables \u00a0
20 095 \u00a0
50 001 \u00a0
50 821 \u00a0
44 500 \u00a0
Financial liabilities \u00a0
58 877 \u00a0
112 919 \u00a0
Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1094": { "value": "
Revenue \u00a0
Revenue is measured as the fair value of the consideration received or receivable. If interest-free credit has been granted for payment of the outstanding consideration \u00a0
extending beyond the usual credit period, the fair value of the payment is calculated by discounting future payments. The difference between the fair value and the nominal \u00a0
value of the consideration is recognised as financial income in the income statement over the extended credit period by using the effective interest method. \u00a0
Revenue is stated exclusive of VAT, duties, discounts, etc. levied on behalf of a third party. \u00a0
For leasing contracts that provide for rent exemptions, the effective rent for the entire contract period is used. \u00a0
Revenues from the sale of real estate (residential units, commercial space, etc.) are recognised at the time when the real estate purchaser takes over control of the real \u00a0
estate acquired and receives significant risks and rewards of ownership. According to the assessment of the management of the company, this takes place at the moment of \u00a0
handing over the real estate to the buyer on the basis of the acceptance protocol signed by the parties, provided that the buyer has made 100% payments towards the \u00a0
purchase price of the real estate. \u00a0
Rental income from investment property \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Rental income from investment property \u00a0
30 139 \u00a0
28 135 \u00a0
0
0
Total \u00a0
30 139 \u00a0
28 135 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1095": { "value": "
Revenue \u00a0
Revenue is measured as the fair value of the consideration received or receivable. If interest-free credit has been granted for payment of the outstanding consideration \u00a0
extending beyond the usual credit period, the fair value of the payment is calculated by discounting future payments. The difference between the fair value and the nominal \u00a0
value of the consideration is recognised as financial income in the income statement over the extended credit period by using the effective interest method. \u00a0
Revenue is stated exclusive of VAT, duties, discounts, etc. levied on behalf of a third party. \u00a0
For leasing contracts that provide for rent exemptions, the effective rent for the entire contract period is used. \u00a0
Revenues from the sale of real estate (residential units, commercial space, etc.) are recognised at the time when the real estate purchaser takes over control of the real \u00a0
estate acquired and receives significant risks and rewards of ownership. According to the assessment of the management of the company, this takes place at the moment of \u00a0
handing over the real estate to the buyer on the basis of the acceptance protocol signed by the parties, provided that the buyer has made 100% payments towards the \u00a0
purchase price of the real estate. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1097": { "value": "
Raw Materials and Consumables \u00a0
Raw materials and consumables are recognized as an expense in the statement of profit or loss when consumed including costs of utilities are services that support operations. \u00a0
Changes in inventories of finished goods and work in progress \u00a0
Finished goods comprise completed residential or commercial units held for sale in the ordinary course of business. Work in progress comprises development projects under \u00a0
construction, including land or perpetual usufruct rights, construction costs, directly attributable design and planning costs, borrowing costs capitalized in accordance with \u00a0
the Company\u2019s accounting policy, and other costs directly related to the development process. The carrying amount of real estate inventory recognised in profit or loss is \u00a0
determined with reference to the directly attributable costs incurred on the property sold and an allocation of any other related costs based on the relative size of the \u00a0
property sold. \u00a0
Other external expenses \u00a0
Other external expenses include premises maintenance costs, advertising costs, administrative expenses, bad debts, etc. Other external expenses also comprise costs of \u00a0
development projects that do not qualify for recognition in the balance sheet. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1098": { "value": "
Raw Materials and Consumables \u00a0
Raw materials and consumables are recognized as an expense in the statement of profit or loss when consumed including costs of utilities are services that support operations. \u00a0
Changes in inventories of finished goods and work in progress \u00a0
Finished goods comprise completed residential or commercial units held for sale in the ordinary course of business. Work in progress comprises development projects under \u00a0
construction, including land or perpetual usufruct rights, construction costs, directly attributable design and planning costs, borrowing costs capitalized in accordance with \u00a0
the Company\u2019s accounting policy, and other costs directly related to the development process. The carrying amount of real estate inventory recognised in profit or loss is \u00a0
determined with reference to the directly attributable costs incurred on the property sold and an allocation of any other related costs based on the relative size of the \u00a0
property sold. \u00a0
Other external expenses \u00a0
Other external expenses include premises maintenance costs, advertising costs, administrative expenses, bad debts, etc. Other external expenses also comprise costs of \u00a0
development projects that do not qualify for recognition in the balance sheet. \u00a0
Direct operating expenses arising from investment property \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Direct operating expenses (including repairs and \u00a0
0
0
maintenance) arising from investment property that \u00a0
9 057 \u00a0
7 675 \u00a0
generated rental income during the period \u00a0
Direct operating expenses (including repairs and \u00a0
0
0
maintenance) arising from investment property that did \u00a0
289 \u00a0
246 \u00a0
not generate rental income during the period \u00a0
0
0
Total \u00a0
9 346 \u00a0
7 921 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1103": { "value": "
Staff costs \u00a0
Staff costs comprise wages and salaries and social security costs, pensions, share-based payment, etc. to the employees of the Group. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1104": { "value": "
Staff costs \u00a0
Staff costs comprise wages and salaries and social security costs, pensions, share-based payment, etc. to the employees of the Group. \u00a0
4. \u00a0
STAFF COSTS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
1 375 \u00a0
1 375 \u00a0
Directors' fees \u00a0
1 375 \u00a0
1 375 \u00a0
68 \u00a0
68 \u00a0
Wages and salaries \u00a0
4 272 \u00a0
4 359 \u00a0
0
0
Bonuses for Management Board \u00a0
498 \u00a0
446 \u00a0
0
0
Pension contributions, defined contribution plans \u00a0
861 \u00a0
883 \u00a0
0
0
Other social security costs \u00a0
237 \u00a0
269 \u00a0
1 443 \u00a0
1 443 \u00a0
Total \u00a0
7 243 \u00a0
7 332 \u00a0
The calculation of the average number of full-time employees (FTE) is based on the number of employees at the end of each month, not including members of the Board of Directors. \u00a0
For the purpose of the above table, the Management Board is understood as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, \u00a0
W131, W133 and Moje Bielany 3. Additional remuneration of the Management Board Members for consultancy services of DKK 2,491 thousand (2024: DKK 2,353 thousand) related to \u00a0
the development project or the preparation of land plots for divestment or development is recognised as inventories (work in progress) or investment property and is not included in \u00a0
the table above. \u00a0
CeMat signed an annex on February 2022 which intends to introduce a new performance-based remuneration system for the CEO, contributing to business strategy, long-term \u00a0
interests and sustainability through the application of the long-term performance and development targets of the company. An additional bonus will be paid if the companies obtain a \u00a0
profit from the sale of the properties in an amount exceeding the limit of PLN 103,500,000 (base).
The bonus structure is as follows: \u00a0
For a basis between PLN 103,500,000 and PLN 200,000,000, the bonus is 0.75% of the amount exceeding PLN 103,500,000. For a basis between PLN 200,000,000 and PLN \u00a0
300,000,000, the bonus is 1% of the amount exceeding PLN 200,000,000. For a basis exceeding PLN 300,000,000, the bonus is 1.5% of the amount above PLN 300,000,000.The limit will \u00a0
be adjusted for inflation/deflation 24 months after the annex enters into force. This limit is based on the sale of undeveloped real estate and profits from the sale of developed real \u00a0
estate. \u00a0
Group and parent company \u00a0
Remuneration of Board of Directors and Management Board \u00a0
Board of Directors \u00a0
Management Board \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
Directors' fees \u00a0
1 375 \u00a0
1 375 \u00a0
0
0
Salaries \u00a0
0
0
3 300 \u00a0
3 080 \u00a0
Bonuses \u00a0
0
0
498 \u00a0
446 \u00a0
Pension contributions \u00a0
0
0
212 \u00a0
188 \u00a0
Total \u00a0
1 375 \u00a0
1 375 \u00a0
4 010 \u00a0
3 714 \u00a0
The fee to the Chairman of the Board of Directors for the current term amounts to DKK 550 thousand (2024: DKK 550 thousand), to the Deputy Chairman DKK 385 thousand \u00a0
(2024: DKK 385 thousand) and to an ordinary member DKK 220 thousand (2024: DKK 220 thousand). For the purpose of the above table, the Management Board is understood \u00a0
as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, W131, W133 and Moje Bielany 3. Additional remuneration of the \u00a0
Management Board Members for consultancy services of DKK 2,491 thousand mainly related to the development project or the preparation of land plots for divestment or \u00a0
development recognised as inventories (work in progress) or investment property is included in the line \u201cSalaries\u201d in the table above. \u00a0
20. OTHER
PAYABLES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Wages and salaries, BoD fee, social security contributions, \u00a0
1 101 \u00a0
1 242 \u00a0
2 183 \u00a0
2 162 \u00a0
etc. payable \u00a0
0
0
Holiday pay obligation etc. \u00a0
356 \u00a0
354 \u00a0
0
0
VAT and other indirect taxes payable \u00a0
0
23 \u00a0
0
0
Advance payments received from apartment buyers \u00a0
14 913 \u00a0
46 485 \u00a0
0
0
Cost provisions and other payables \u00a0
2 644 \u00a0
977 \u00a0
1 101 \u00a0
1 242 \u00a0
Total \u00a0
20 095 \u00a0
50 001 \u00a0
The carrying amount of payables in respect of payroll, Board of Directors\u2019 fees, tax deducted at source, social security contributions, holiday pay etc., VAT and \u00a0
other indirect taxes and other payables corresponds to the fair value of these liabilities. Holiday pay obligations etc. represent the Group\u2019s obligation to pay wages \u00a0
and salaries during holidays in the next financial year, to which the employees have earned entitlement as at the balance sheet date. All items under other payables \u00a0
are expected to be settled within one year. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1106": { "value": "
Financial items \u00a0
Financial items comprise interest income and expenses, the interest element of finance lease payments, realised and unrealised foreign exchange gains and losses as well as \u00a0
surcharges and allowances under the Danish tax prepayment scheme. \u00a0
External financing costs are recognized as costs in the income statement in the period in which they are incurred, with the exception of activated costs, i.e. costs that can be \u00a0
directly attributed to the acquisition, construction or production of a 'qualifying asset' (in the case of the Company: for work in progress) as part of their production cost. \u00a0
Financial costs are capitalized to work in progress only during the period when the development project is active. The project is considered active when design or construction \u00a0
work is carried out on the purchased land and during the process of obtaining key administrative decisions needed to run the project. Financial costs cease to be capitalised \u00a0
when substantially all activities necessary to prepare the apartment for delivery to customers have been completed. Activation of financial costs is suspended in the event \u00a0
of suspension of activities related to investment activities on the project, including work related to the design, construction process or obtaining appropriate permits and \u00a0
administrative decisions regarding the project. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1107": { "value": "
Financial items \u00a0
Financial items comprise interest income and expenses, the interest element of finance lease payments, realised and unrealised foreign exchange gains and losses as well as \u00a0
surcharges and allowances under the Danish tax prepayment scheme. \u00a0
External financing costs are recognized as costs in the income statement in the period in which they are incurred, with the exception of activated costs, i.e. costs that can be \u00a0
directly attributed to the acquisition, construction or production of a 'qualifying asset' (in the case of the Company: for work in progress) as part of their production cost. \u00a0
Financial costs are capitalized to work in progress only during the period when the development project is active. The project is considered active when design or construction \u00a0
work is carried out on the purchased land and during the process of obtaining key administrative decisions needed to run the project. Financial costs cease to be capitalised \u00a0
when substantially all activities necessary to prepare the apartment for delivery to customers have been completed. Activation of financial costs is suspended in the event \u00a0
of suspension of activities related to investment activities on the project, including work related to the design, construction process or obtaining appropriate permits and \u00a0
administrative decisions regarding the project. \u00a0
5. \u00a0
FINANCIAL INCOME \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
21 \u00a0
57 \u00a0
Interest from group entities \u00a0
0
0
0
0
Interest on bank deposits etc. \u00a0
274 \u00a0
148 \u00a0
0
0
Other interest \u00a0
0
0
21 \u00a0
57 \u00a0
Interest income \u00a0
274 \u00a0
148 \u00a0
0
0
Foreign exchange adjustments \u00a0
0
0
21 \u00a0
57 \u00a0
Total \u00a0
274 \u00a0
148 \u00a0
27. RELATED
PARTY TRANSACTIONS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
21 \u00a0
57 \u00a0
Subsidiaries, interest income \u00a0
0
0
(1 785) \u00a0
(1 576) \u00a0
Subsidiaries, interest expense \u00a0
0
0
(1 764) \u00a0
(1 519) \u00a0
Total \u00a0
0
0
Other management remuneration etc. is stated separately in connection with note 4 \u201cStaff costs\u201d. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1108": { "value": "
Financial items \u00a0
Financial items comprise interest income and expenses, the interest element of finance lease payments, realised and unrealised foreign exchange gains and losses as well as \u00a0
surcharges and allowances under the Danish tax prepayment scheme. \u00a0
External financing costs are recognized as costs in the income statement in the period in which they are incurred, with the exception of activated costs, i.e. costs that can be \u00a0
directly attributed to the acquisition, construction or production of a 'qualifying asset' (in the case of the Company: for work in progress) as part of their production cost. \u00a0
Financial costs are capitalized to work in progress only during the period when the development project is active. The project is considered active when design or construction \u00a0
work is carried out on the purchased land and during the process of obtaining key administrative decisions needed to run the project. Financial costs cease to be capitalised \u00a0
when substantially all activities necessary to prepare the apartment for delivery to customers have been completed. Activation of financial costs is suspended in the event \u00a0
of suspension of activities related to investment activities on the project, including work related to the design, construction process or obtaining appropriate permits and \u00a0
administrative decisions regarding the project. \u00a0
27. RELATED
PARTY TRANSACTIONS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
21 \u00a0
57 \u00a0
Subsidiaries, interest income \u00a0
0
0
(1 785) \u00a0
(1 576) \u00a0
Subsidiaries, interest expense \u00a0
0
0
(1 764) \u00a0
(1 519) \u00a0
Total \u00a0
0
0
Other management remuneration etc. is stated separately in connection with note 4 \u201cStaff costs\u201d. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1116": { "value": "
Investment property \u00a0
Investment property comprises properties owned for the purpose of receiving rent or obtaining capital gains. \u00a0
On initial recognition, investment property is measured at cost, comprising the purchase price and any costs directly attributable to the acquisition. \u00a0
Subsequently, investment property is measured at fair value, representing the price at which it is estimated that the property can be sold to an independent buyer at the \u00a0
balance sheet date. \u00a0
Investment property is divided into four groups: Internal roads; plots designed for external
roads; development areas; and industrial buildings. \u00a0
Internal roads, plots designed for external roads, and development areas (in the following referred to as \u201cproperties\u201d) are valued using a comparative approach. This approach \u00a0
assumes the variation in prices between at least three comparable properties can be explained by the differences in their individual attributes such as location, surroundings, \u00a0
accessibility, development potential, etc. The influence of each of these attributes on value is assigned a percentage weighting, and the characteristics of each comparable \u00a0
and the subject are then rated, typically from 1\u20135, very good to very poor. The price of each comparable is adjusted according to how it differs from the subject, with the \u00a0
resulting adjusted average price from the comparables taken as providing a reasonable indication of the subject\u2019s value. \u00a0
Industrial buildings are valued using an earnings-based approach based on normal earnings. Income from each lessee is expected to be generated for as long as the lease is \u00a0
in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. Adjustments are \u00a0
made for lost rental income, fitting-out deposits and un-obtainable running costs. \u00a0
The required rates of return having been set are an important input in estimating the fair values. The required rate of return used was 13.4%. \u00a0
As regards properties where claims as to title have not yet been accommodated, the value is further reduced by 20% due to the risk that such claims will be accommodated \u00a0
and due to the expenses associated with this transitional phase. \u00a0
Adjustments of the fair value of investment property are recognised in profit or loss in the financial year in which the change occurred. \u00a0
Transferring land plots from investment property to inventories \u00a0
Investment property is transferred to inventory when the development process has been decided and initiated, a decision on the possible way of developing the plot has \u00a0
been obtained, and expenses related to the project have already taken place. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1117": { "value": "
Investment property \u00a0
Investment property comprises properties owned for the purpose of receiving rent or obtaining capital gains. \u00a0
On initial recognition, investment property is measured at cost, comprising the purchase price and any costs directly attributable to the acquisition. \u00a0
Subsequently, investment property is measured at fair value, representing the price at which it is estimated that the property can be sold to an independent buyer at the \u00a0
balance sheet date. \u00a0
Investment property is divided into four groups: Internal roads; plots designed for external
roads; development areas; and industrial buildings. \u00a0
Internal roads, plots designed for external roads, and development areas (in the following referred to as \u201cproperties\u201d) are valued using a comparative approach. This approach \u00a0
assumes the variation in prices between at least three comparable properties can be explained by the differences in their individual attributes such as location, surroundings, \u00a0
accessibility, development potential, etc. The influence of each of these attributes on value is assigned a percentage weighting, and the characteristics of each comparable \u00a0
and the subject are then rated, typically from 1\u20135, very good to very poor. The price of each comparable is adjusted according to how it differs from the subject, with the \u00a0
resulting adjusted average price from the comparables taken as providing a reasonable indication of the subject\u2019s value. \u00a0
Industrial buildings are valued using an earnings-based approach based on normal earnings. Income from each lessee is expected to be generated for as long as the lease is \u00a0
in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. Adjustments are \u00a0
made for lost rental income, fitting-out deposits and un-obtainable running costs. \u00a0
The required rates of return having been set are an important input in estimating the fair values. The required rate of return used was 13.4%. \u00a0
As regards properties where claims as to title have not yet been accommodated, the value is further reduced by 20% due to the risk that such claims will be accommodated \u00a0
and due to the expenses associated with this transitional phase. \u00a0
Adjustments of the fair value of investment property are recognised in profit or loss in the financial year in which the change occurred. \u00a0
Transferring land plots from investment property to inventories \u00a0
Investment property is transferred to inventory when the development process has been decided and initiated, a decision on the possible way of developing the plot has \u00a0
been obtained, and expenses related to the project have already taken place. \u00a0
Measurement of investment property \u00a0
The Group\u2019s investment property is measured at its estimated fair value in accordance with IAS 40 and IFRS 13, and any value adjustments are recognised in the income \u00a0
statement. Management has reviewed the updated valuation report received in December 2025 and its underlying assumptions. Management\u2019s valuation estimate is in line \u00a0
with that indicated in the report, and the fair value consequently reflects the value stated in the report. \u00a0
As the property market is not in all respects as efficient and liquid as, for example, the equity market, there can be no assurance that a buyer willing to pay the fair value at \u00a0
which the property is stated in the financial statements can be found at any given time. In other words, properties are subject to a liquidity risk in a sales situation. \u00a0
Tax asset utilisation \u00a0
Deferred tax assets are recognised for all unutilised tax losses and differences to the extent it is considered likely that they can be utilised through taxable income within a \u00a0
foreseeable number of years. \u00a0
The annual report is published only in English. \u00a0
9. \u00a0
PROPERTY, PLANT AND EQUIPMENT \u00a0
2025 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2025 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
Foreign exchange adjustments \u00a0
2 023 \u00a0
304 \u00a0
2 327 \u00a0
1
265 \u00a0
2 328 \u00a0
Right of use, depreciation \u00a0
0
0
0
(72) \u00a0
(72) \u00a0
(72) \u00a0
Additions \u00a0
0
2 806 \u00a0
2 806 \u00a0
252 \u00a0
3 058 \u00a0
3 058 \u00a0
Disposals or liquidation \u00a0
(1 284) \u00a0
0
(1 284) \u00a0
0
0
(1 284) \u00a0
Transfer to inventories (work in progress) \u00a0
(44 263) \u00a0
(1 257) \u00a0
(45 521) \u00a0
0
(1 257) \u00a0
(45 521) \u00a0
Shortening the leasing period \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
Enhancement costs \u00a0
3 412 \u00a0
0
3 412 \u00a0
0
0
3 412 \u00a0
Revaluation to market value \u00a0
46 299 \u00a0
(297) \u00a0
46 003 \u00a0
0
(297) \u00a0
46 003 \u00a0
Carrying amount at 31 December 2025 \u00a0
198 020 \u00a0
23 665 \u00a0
221 685 \u00a0
204 \u00a0
23 829 \u00a0
221 889 \u00a0
* Unrealised revaluation to marked value amounts to DKK\u2019000 46,003. \u00a0
2024 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2024 \u00a0
171 044 \u00a0
25 239 \u00a0
196 283 \u00a0
85 \u00a0
25 324 \u00a0
196 368 \u00a0
Foreign exchange adjustments \u00a0
3 938 \u00a0
467 \u00a0
4 405 \u00a0
(9) \u00a0
458 \u00a0
4 396 \u00a0
Right of use, depreciation \u00a0
0
0
0
(53) \u00a0
(53) \u00a0
(53) \u00a0
Additions \u00a0
0
763 \u00a0
763 \u00a0
0
763 \u00a0
763 \u00a0
Disposals \u00a0
0
0
0
0
0
0
Transfer to inventories (work in progress) \u00a0
0
0
0
0
0
0
Shortening the leasing period \u00a0
0
0
0
0
0
Enhancement costs \u00a0
4 631 \u00a0
0
4 631 \u00a0
0
0
4 631 \u00a0
Revaluation to market value \u00a0
12 221 \u00a0
(174) \u00a0
12 047 \u00a0
0
(174) \u00a0
12 047 \u00a0
Carrying amount at 31 December 2024 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
*Unrealised revaluation to marked value amounts to DKK\u2019000 12,047. \u00a0
The Polish properties have an assessed value of DKK 221,889 thousand, of which DKK 197,865 thousand is the real estate in Warsaw, DKK 155 thousand is a land plot in \u00a0
Blichowo and DKK 23,829 thousand is the right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation \u00a0
report received in December 2025, prepared by a leading international real estate appraiser in Warsaw. The value of the land plot in Blichowo has been assessed by the \u00a0
company\u2019s management using a comparative method. \u00a0
The value of the real estate in Warsaw represents the valuers\u2019 assessment of the current fair value. In addition to the general price level in the market, the assessment is \u00a0
based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the current and potential income generated by \u00a0
the property and the zoning of the area and development potential. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution \u00a0
of former owners\u2019 claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or adversely impact \u00a0
the property valuation. \u00a0
For the valuation purposes, the property was divided into four groups based on designation/use: internal roads, industrial schemes (buildings), development land and plots \u00a0
designated for external roads. \u00a0
For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine \u00a0
the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their \u00a0
individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage \u00a0
weighting, and the characteristics of each comparable and the subject are then rated, typically from 1\u20135, from very good to very poor. The price of each comparable is \u00a0
adjusted according to how it differs from the subject, with the resulting adjusted average price from the comparables taken as providing a reasonable indication of the \u00a0
subject\u2019s value. \u00a0
Industrial buildings are valued using an income based approach based on current and potential earnings. Income from each lessee is expected to be generated for as long as \u00a0
the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. \u00a0
Adjustments are made for lost rental income during void periods expenditures and unobtainable running costs. Market rents applied range from DKK 65.1 per sqm for \u00a0
ordinary warehouses (21,141 sqm), DKK 73.9 per sqm for offices (4,039 sqm), small business units DKK 89.8 (3,577 sqm) and DKK 123.2 per sqm for self-storage boxes (1,874 \u00a0
sqm). \u00a0
For the purpose of the valuation of the industrial buildings, discounted cash flow has been used. The required rates of return which have been set are an important factor in \u00a0
estimating the fair values. An exit yield of 11.75% and discount rate of 13.75% were adopted, noting a 25bps decrease compared to 2024 as a result of decreasing cost of \u00a0
capital influenced by base rent rate cuts during 2025, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease \u00a0
agreements and the physical state of the particular buildings. Using the assumptions mentioned above, a value of the subject was calculated reflecting an initial yield of 8.7% \u00a0
(in 2024 9%) and a final yield of 15.3% (in 2024 15.7%). \u00a0
Other assumptions: \u00a0
Short-term leases: assumed to expire after their notice periods \u00a0
Letting voids: 24 months for offices / 12 for warehouse & production space \u00a0
Reletting voids: 10 months for offices / 5 for warehouse & production space and SBU units \u00a0
No fit-out contributions \u00a0
Letting fees: 16.7% of annual market rent \u00a0
No rent-free periods \u00a0
Empty service charge 25 DKK per sqm during void periods \u00a0
Irrecoverable operating costs DKK 4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget) \u00a0
Capital expenditure of DKK 2.4 million \u00a0
In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted \u00a0
administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the \u00a0
transitional phase. \u00a0
Fair value hierarchy information \u00a0
Level 1 \u00a0
Level 2 \u00a0
Level 3 \u00a0
at 31/12 \u00a0
2025 \u00a0
Land / roads \u00a0
53 945 \u00a0
53 945 \u00a0
Plots of land with buildings \u00a0
144 115 \u00a0
144 115 \u00a0
Right of use \u00a0
23 829 \u00a0
23 829 \u00a0
Total investment property \u00a0
221 889 \u00a0
221 889 \u00a0
2024 \u00a0
Land / roads \u00a0
53 513 \u00a0
53 513 \u00a0
Plots of land with buildings \u00a0
138 321 \u00a0
138 321 \u00a0
Right of use \u00a0
26 318 \u00a0
26 318 \u00a0
Total investment property \u00a0
218 151 \u00a0
218 151 \u00a0
Rental income from investment property \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Rental income from investment property \u00a0
30 139 \u00a0
28 135 \u00a0
0
0
Total \u00a0
30 139 \u00a0
28 135 \u00a0
12. INVENTORIES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Land plots \u00a0
49 185 \u00a0
30 590 \u00a0
0
0
Finished property for sale \u00a0
35 261 \u00a0
0
0
0
Expenditures related to development cost \u00a0
2 507 \u00a0
73 159 \u00a0
0
0
Borrowing costs \u00a0
0
3 158 \u00a0
0
0
Total \u00a0
86 953 \u00a0
106 908 \u00a0
No inventories are carried at fair value less costs to sell. There was no write-down of inventories recognised as an expense in the period. There was no reversal of \u00a0
a write-down to net realisable value. Due to the sale of apartments
from the Moje Bielany project, the Group recognised DKK 92.1 million of inventory as an \u00a0
expense. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1119": { "value": "
Investments in subsidiaries \u00a0
On initial recognition, investments in subsidiaries are measured at cost plus transaction costs. Where the recoverable amount of the investments is lower than cost, the \u00a0
investments are written down to this lower value. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1120": { "value": "
Investments in subsidiaries \u00a0
On initial recognition, investments in subsidiaries are measured at cost plus transaction costs. Where the recoverable amount of the investments is lower than cost, the \u00a0
investments are written down to this lower value. \u00a0
Investments in subsidiaries \u00a0
Investments in subsidiaries are recognised in the parent company's financial statements at cost less any write-downs to the recoverable amount. \u00a0
10. INVESTMENTS
IN SUBSIDIARIES \u00a0
PARENT COMPANY \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
93 339 \u00a0
93 339 \u00a0
Value at 1 January \u00a0
93 339 \u00a0
93 339 \u00a0
Value at 31 December \u00a0
Share of \u00a0
Share of \u00a0
Interest \u00a0
Interest \u00a0
voting \u00a0
voting \u00a0
(%) \u00a0
(%) \u00a0
rights (%) \u00a0
rights (%) \u00a0
Domicile \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
Activity \u00a0
Ownership \u00a0
share in \u00a0
CeMat Real Estate S.A. \u00a0
Poland \u00a0
100.00 \u00a0
100.00 \u00a0
100.00 \u00a0
100.00 \u00a0
CeMat '70 S.A. \u00a0
Letting of \u00a0
commercial \u00a0
CeMat '70 S.A. \u00a0
Poland \u00a0
94.29 \u00a0
93.64 \u00a0
94.29 \u00a0
93.64 \u00a0
properties \u00a0
Holding \u00a0
W133 Sp. z o.o. \u00a0
Poland \u00a0
94.29 \u00a0
93.64 \u00a0
94.29 \u00a0
93.64 \u00a0
of rights \u00a0
Holding \u00a0
W131 Sp. z o.o. \u00a0
Poland \u00a0
94.29 \u00a0
93.64 \u00a0
94.29 \u00a0
93.64 \u00a0
of rights \u00a0
Holding \u00a0
Moje Bielany 3 Sp. z o.o. \u00a0
Poland \u00a0
94.29 \u00a0
93.64 \u00a0
94.29 \u00a0
93.64 \u00a0
of rights \u00a0
CeMat Real Estate S.A. holds the ownership interest in CeMat '70 S.A., while CeMat '70 S.A. holds ownership interests in W133 Sp. z o.o., W131 Sp. z o.o. and Moje Bielany 3 \u00a0
Sp. z o.o. \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
846 \u00a0
517 \u00a0
Subsidiaries, loan receivable \u00a0
0
0
(131) \u00a0
(131) \u00a0
Subsidiaries, creditor payable \u00a0
0
0
(49 049) \u00a0
(42 788) \u00a0
Subsidiaries, loan payable \u00a0
0
0
(48 334) \u00a0
(42 402) \u00a0
Total \u00a0
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1122": { "value": "
Inventory \u00a0
Finished products \u00a0
Finished products are mainly residential units and parking spaces. Finished products are valued at the lower of the two values: manufacturing cost and net realisable value. \u00a0
The net realisable value is the estimated selling price assessed by the Management Board of the company based on market prices. \u00a0
Work in progress \u00a0
Work in progress is valued at the lower of the two values: purchase price / production cost / fair value at the moment of transfer from the investment property (land plots) \u00a0
and the net realisable value. In the event of any discrepancies, a write-down is made. With regard to the company's development projects, the necessity to make an \u00a0
impairment loss is assessed on the basis of the \"impairment test\" described below, based on an analysis of the production cost and the net realisable value. \u00a0
Inventory impairment test \u00a0
If a development project is expected to generate a loss, it results in a write-down of work in progress, which is immediately recognised in the profit and loss account. \u00a0
For each development project, budgets are prepared that include both past and future cash flows for each implemented project. These budgets are updated at least semi- \u00a0
annually. For the purposes of impairment testing, project budgets include all past and projected net revenues less the direct costs of land acquisition, design, construction \u00a0
and other costs related to project preparation, demonstration premises and the on-site sales office. These budgets are also encumbered with associated past and projected \u00a0
borrowing costs and projected customer claims (if applicable). Project budgets are prepared using the principle of prudent valuation. If the margin on the project, calculated \u00a0
taking into account all revenues and the above-mentioned costs, is positive, then there is no need to create an inventory impairment write-down. A negative margin indicates \u00a0
a potential impairment problem, which, after careful verification of cash flows for a given project, results in the recognition of an inventory impairment loss in the amount \u00a0
of the estimated negative value of this margin. \u00a0
The revaluation write-off is recognised in the cost of sales in the item \"Adjustment of the value of inventories to the net realisable value\". A possible reversal of such an \u00a0
impairment loss for a given project is possible if the expected value of the margin on this project becomes positive. \u00a0
Transferring land plots from investment property to inventories \u00a0
Investment property is transferred to inventory when the development process has been decided and initiated, a decision on the possible way of developing the plot has \u00a0
been obtained, and expenses related to the project have already taken place. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1123": { "value": "
Inventory \u00a0
Finished products \u00a0
Finished products are mainly residential units and parking spaces. Finished products are valued at the lower of the two values: manufacturing cost and net realisable value. \u00a0
The net realisable value is the estimated selling price assessed by the Management Board of the company based on market prices. \u00a0
Work in progress \u00a0
Work in progress is valued at the lower of the two values: purchase price / production cost / fair value at the moment of transfer from the investment property (land plots) \u00a0
and the net realisable value. In the event of any discrepancies, a write-down is made. With regard to the company's development projects, the necessity to make an \u00a0
impairment loss is assessed on the basis of the \"impairment test\" described below, based on an analysis of the production cost and the net realisable value. \u00a0
Inventory impairment test \u00a0
If a development project is expected to generate a loss, it results in a write-down of work in progress, which is immediately recognised in the profit and loss account. \u00a0
For each development project, budgets are prepared that include both past and future cash flows for each implemented project. These budgets are updated at least semi- \u00a0
annually. For the purposes of impairment testing, project budgets include all past and projected net revenues less the direct costs of land acquisition, design, construction \u00a0
and other costs related to project preparation, demonstration premises and the on-site sales office. These budgets are also encumbered with associated past and projected \u00a0
borrowing costs and projected customer claims (if applicable). Project budgets are prepared using the principle of prudent valuation. If the margin on the project, calculated \u00a0
taking into account all revenues and the above-mentioned costs, is positive, then there is no need to create an inventory impairment write-down. A negative margin indicates \u00a0
a potential impairment problem, which, after careful verification of cash flows for a given project, results in the recognition of an inventory impairment loss in the amount \u00a0
of the estimated negative value of this margin. \u00a0
The revaluation write-off is recognised in the cost of sales in the item \"Adjustment of the value of inventories to the net realisable value\". A possible reversal of such an \u00a0
impairment loss for a given project is possible if the expected value of the margin on this project becomes positive. \u00a0
Transferring land plots from investment property to inventories \u00a0
Investment property is transferred to inventory when the development process has been decided and initiated, a decision on the possible way of developing the plot has \u00a0
been obtained, and expenses related to the project have already taken place. \u00a0
12. INVENTORIES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Land plots \u00a0
49 185 \u00a0
30 590 \u00a0
0
0
Finished property for sale \u00a0
35 261 \u00a0
0
0
0
Expenditures related to development cost \u00a0
2 507 \u00a0
73 159 \u00a0
0
0
Borrowing costs \u00a0
0
3 158 \u00a0
0
0
Total \u00a0
86 953 \u00a0
106 908 \u00a0
No inventories are carried at fair value less costs to sell. There was no write-down of inventories recognised as an expense in the period. There was no reversal of \u00a0
a write-down to net realisable value. Due to the sale of apartments
from the Moje Bielany project, the Group recognised DKK 92.1 million of inventory as an \u00a0
expense. \u00a0
Inventory recovery \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Recoverable within 12 months \u00a0
33 376 \u00a0
52 682 \u00a0
0
0
Recoverable after more than 12 months \u00a0
53 577 \u00a0
54 226 \u00a0
0
0
Total \u00a0
86 953 \u00a0
106 908 \u00a0
21. CHANGE
IN NET WORKING CAPITAL \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Change in inventories \u00a0
19 955 \u00a0
(61 104) \u00a0
0
0
Change in receivables \u00a0
(6 413) \u00a0
4 816 \u00a0
60 \u00a0
33 \u00a0
Change in trade payables and other payables \u00a0
(39 511) \u00a0
44 483 \u00a0
(0) \u00a0
95 \u00a0
Change in balances with subsidiaries \u00a0
0
0
60 \u00a0
128 \u00a0
Total \u00a0
(25 969) \u00a0
(11 805) \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1126": { "value": "
Inventory impairment test \u00a0
If a development project is expected to generate a loss, it results in a write-down of work in progress, which is immediately recognised in the profit and loss account. \u00a0
For each development project, budgets are prepared that include both past and future cash flows for each implemented project. These budgets are updated at least semi- \u00a0
annually. For the purposes of impairment testing, project budgets include all past and projected net revenues less the direct costs of land acquisition, design, construction \u00a0
and other costs related to project preparation, demonstration premises and the on-site sales office. These budgets are also encumbered with associated past and projected \u00a0
borrowing costs and projected customer claims (if applicable). Project budgets are prepared using the principle of prudent valuation. If the margin on the project, calculated \u00a0
taking into account all revenues and the above-mentioned costs, is positive, then there is no need to create an inventory impairment write-down. A negative margin indicates \u00a0
a potential impairment problem, which, after careful verification of cash flows for a given project, results in the recognition of an inventory impairment loss in the amount \u00a0
of the estimated negative value of this margin. \u00a0
The revaluation write-off is recognised in the cost of sales in the item \"Adjustment of the value of inventories to the net realisable value\". A possible reversal of such an \u00a0
impairment loss for a given project is possible if the expected value of the margin on this project becomes positive. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1134": { "value": "
Receivables \u00a0
Receivables comprise non-current deposits in connection with the purchase and sale of goods and receivables from sale of goods and services. Receivables are classified as \u00a0
loans and receivables, which are financial assets with fixed or determinable payments that are not quoted in an active market and are not derivative financial instruments. \u00a0
On initial recognition, receivables are measured at fair value and subsequently at amortised cost, which usually corresponds to the nominal value less write-downs for bad \u00a0
debts. \u00a0
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the \u00a0
expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the \u00a0
payment profiles of sales over a period of 12 months respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are \u00a0
adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified \u00a0
the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates \u00a0
based on expected changes in these factors. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1135": { "value": "
Receivables \u00a0
Receivables comprise non-current deposits in connection with the purchase and sale of goods and receivables from sale of goods and services. Receivables are classified as \u00a0
loans and receivables, which are financial assets with fixed or determinable payments that are not quoted in an active market and are not derivative financial instruments. \u00a0
On initial recognition, receivables are measured at fair value and subsequently at amortised cost, which usually corresponds to the nominal value less write-downs for bad \u00a0
debts. \u00a0
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the \u00a0
expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the \u00a0
payment profiles of sales over a period of 12 months respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are \u00a0
adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified \u00a0
the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates \u00a0
based on expected changes in these factors. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1136": { "value": "
Receivables \u00a0
Receivables comprise non-current deposits in connection with the purchase and sale of goods and receivables from sale of goods and services. Receivables are classified as \u00a0
loans and receivables, which are financial assets with fixed or determinable payments that are not quoted in an active market and are not derivative financial instruments. \u00a0
On initial recognition, receivables are measured at fair value and subsequently at amortised cost, which usually corresponds to the nominal value less write-downs for bad \u00a0
debts. \u00a0
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the \u00a0
expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the \u00a0
payment profiles of sales over a period of 12 months respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are \u00a0
adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified \u00a0
the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates \u00a0
based on expected changes in these factors. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1137": { "value": "
Receivables \u00a0
Receivables comprise non-current deposits in connection with the purchase and sale of goods and receivables from sale of goods and services. Receivables are classified as \u00a0
loans and receivables, which are financial assets with fixed or determinable payments that are not quoted in an active market and are not derivative financial instruments. \u00a0
On initial recognition, receivables are measured at fair value and subsequently at amortised cost, which usually corresponds to the nominal value less write-downs for bad \u00a0
debts. \u00a0
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the \u00a0
expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the \u00a0
payment profiles of sales over a period of 12 months respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are \u00a0
adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified \u00a0
the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates \u00a0
based on expected changes in these factors. \u00a0
9. \u00a0
PROPERTY, PLANT AND EQUIPMENT \u00a0
2025 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2025 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
Foreign exchange adjustments \u00a0
2 023 \u00a0
304 \u00a0
2 327 \u00a0
1
265 \u00a0
2 328 \u00a0
Right of use, depreciation \u00a0
0
0
0
(72) \u00a0
(72) \u00a0
(72) \u00a0
Additions \u00a0
0
2 806 \u00a0
2 806 \u00a0
252 \u00a0
3 058 \u00a0
3 058 \u00a0
Disposals or liquidation \u00a0
(1 284) \u00a0
0
(1 284) \u00a0
0
0
(1 284) \u00a0
Transfer to inventories (work in progress) \u00a0
(44 263) \u00a0
(1 257) \u00a0
(45 521) \u00a0
0
(1 257) \u00a0
(45 521) \u00a0
Shortening the leasing period \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
Enhancement costs \u00a0
3 412 \u00a0
0
3 412 \u00a0
0
0
3 412 \u00a0
Revaluation to market value \u00a0
46 299 \u00a0
(297) \u00a0
46 003 \u00a0
0
(297) \u00a0
46 003 \u00a0
Carrying amount at 31 December 2025 \u00a0
198 020 \u00a0
23 665 \u00a0
221 685 \u00a0
204 \u00a0
23 829 \u00a0
221 889 \u00a0
* Unrealised revaluation to marked value amounts to DKK\u2019000 46,003. \u00a0
2024 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2024 \u00a0
171 044 \u00a0
25 239 \u00a0
196 283 \u00a0
85 \u00a0
25 324 \u00a0
196 368 \u00a0
Foreign exchange adjustments \u00a0
3 938 \u00a0
467 \u00a0
4 405 \u00a0
(9) \u00a0
458 \u00a0
4 396 \u00a0
Right of use, depreciation \u00a0
0
0
0
(53) \u00a0
(53) \u00a0
(53) \u00a0
Additions \u00a0
0
763 \u00a0
763 \u00a0
0
763 \u00a0
763 \u00a0
Disposals \u00a0
0
0
0
0
0
0
Transfer to inventories (work in progress) \u00a0
0
0
0
0
0
0
Shortening the leasing period \u00a0
0
0
0
0
0
Enhancement costs \u00a0
4 631 \u00a0
0
4 631 \u00a0
0
0
4 631 \u00a0
Revaluation to market value \u00a0
12 221 \u00a0
(174) \u00a0
12 047 \u00a0
0
(174) \u00a0
12 047 \u00a0
Carrying amount at 31 December 2024 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
*Unrealised revaluation to marked value amounts to DKK\u2019000 12,047. \u00a0
The Polish properties have an assessed value of DKK 221,889 thousand, of which DKK 197,865 thousand is the real estate in Warsaw, DKK 155 thousand is a land plot in \u00a0
Blichowo and DKK 23,829 thousand is the right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation \u00a0
report received in December 2025, prepared by a leading international real estate appraiser in Warsaw. The value of the land plot in Blichowo has been assessed by the \u00a0
company\u2019s management using a comparative method. \u00a0
The value of the real estate in Warsaw represents the valuers\u2019 assessment of the current fair value. In addition to the general price level in the market, the assessment is \u00a0
based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the current and potential income generated by \u00a0
the property and the zoning of the area and development potential. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution \u00a0
of former owners\u2019 claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or adversely impact \u00a0
the property valuation. \u00a0
For the valuation purposes, the property was divided into four groups based on designation/use: internal roads, industrial schemes (buildings), development land and plots \u00a0
designated for external roads. \u00a0
For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine \u00a0
the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their \u00a0
individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage \u00a0
weighting, and the characteristics of each comparable and the subject are then rated, typically from 1\u20135, from very good to very poor. The price of each comparable is \u00a0
adjusted according to how it differs from the subject, with the resulting adjusted average price from the comparables taken as providing a reasonable indication of the \u00a0
subject\u2019s value. \u00a0
Industrial buildings are valued using an income based approach based on current and potential earnings. Income from each lessee is expected to be generated for as long as \u00a0
the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. \u00a0
Adjustments are made for lost rental income during void periods expenditures and unobtainable running costs. Market rents applied range from DKK 65.1 per sqm for \u00a0
ordinary warehouses (21,141 sqm), DKK 73.9 per sqm for offices (4,039 sqm), small business units DKK 89.8 (3,577 sqm) and DKK 123.2 per sqm for self-storage boxes (1,874 \u00a0
sqm). \u00a0
For the purpose of the valuation of the industrial buildings, discounted cash flow has been used. The required rates of return which have been set are an important factor in \u00a0
estimating the fair values. An exit yield of 11.75% and discount rate of 13.75% were adopted, noting a 25bps decrease compared to 2024 as a result of decreasing cost of \u00a0
capital influenced by base rent rate cuts during 2025, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease \u00a0
agreements and the physical state of the particular buildings. Using the assumptions mentioned above, a value of the subject was calculated reflecting an initial yield of 8.7% \u00a0
(in 2024 9%) and a final yield of 15.3% (in 2024 15.7%). \u00a0
Other assumptions: \u00a0
Short-term leases: assumed to expire after their notice periods \u00a0
Letting voids: 24 months for offices / 12 for warehouse & production space \u00a0
Reletting voids: 10 months for offices / 5 for warehouse & production space and SBU units \u00a0
No fit-out contributions \u00a0
Letting fees: 16.7% of annual market rent \u00a0
No rent-free periods \u00a0
Empty service charge 25 DKK per sqm during void periods \u00a0
Irrecoverable operating costs DKK 4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget) \u00a0
Capital expenditure of DKK 2.4 million \u00a0
In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted \u00a0
administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the \u00a0
transitional phase. \u00a0
Valuation sensitivity to the main factors used: \u00a0
+/- DKK 5,400 thousand for a change in the price of land by 10% (applied to internal roads, development land and external roads); \u00a0
+/- DKK 10,400 thousand for a change in market rent rate by 10% (applied to plots of land with buildings, i.e. perpetual usufruct right over plot 69/17 and possession right \u00a0
over plots 69/18); \u00a0
- DKK 15,800 thousand for an increase in exit yield by 10%; + DKK 16,800 thousand for a decrease in exit yield by 10% (applied to plots of land with buildings, i.e. perpetual \u00a0
usufruct right over plot 69/17 and possession right over plots 69/18); \u00a0
+/- DKK 2,600 thousand for a change in the discount for legal title by 10% (applies to plots in possession, i.e. without legal title). \u00a0
Fair value hierarchy information \u00a0
Level 1 \u00a0
Level 2 \u00a0
Level 3 \u00a0
at 31/12 \u00a0
2025 \u00a0
Land / roads \u00a0
53 945 \u00a0
53 945 \u00a0
Plots of land with buildings \u00a0
144 115 \u00a0
144 115 \u00a0
Right of use \u00a0
23 829 \u00a0
23 829 \u00a0
Total investment property \u00a0
221 889 \u00a0
221 889 \u00a0
2024 \u00a0
Land / roads \u00a0
53 513 \u00a0
53 513 \u00a0
Plots of land with buildings \u00a0
138 321 \u00a0
138 321 \u00a0
Right of use \u00a0
26 318 \u00a0
26 318 \u00a0
Total investment property \u00a0
218 151 \u00a0
218 151 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1138": { "value": "
Receivables \u00a0
Receivables comprise non-current deposits in connection with the purchase and sale of goods and receivables from sale of goods and services. Receivables are classified as \u00a0
loans and receivables, which are financial assets with fixed or determinable payments that are not quoted in an active market and are not derivative financial instruments. \u00a0
On initial recognition, receivables are measured at fair value and subsequently at amortised cost, which usually corresponds to the nominal value less write-downs for bad \u00a0
debts. \u00a0
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the \u00a0
expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the \u00a0
payment profiles of sales over a period of 12 months respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are \u00a0
adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group has identified \u00a0
the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates \u00a0
based on expected changes in these factors. \u00a0
13. TRADE
RECEIVABLES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Trade receivables \u00a0
9 320 \u00a0
3 422 \u00a0
Loss provisions included in the above receivables and \u00a0
0
0
(400) \u00a0
(499) \u00a0
recognised in \u201cOther external expenses\u201d \u00a0
0
0
Total \u00a0
8 920 \u00a0
2 923 \u00a0
2025 \u00a0
More than \u00a0
1-30 days \u00a0
31-90 days
91-180 days
180-360 days \u00a0
DKK\u2019000 \u00a0
Current \u00a0
361 days \u00a0
Total \u00a0
past due \u00a0
past due \u00a0
past due \u00a0
past due \u00a0
past due \u00a0
Expected loss rate \u00a0
0,0% \u00a0
1,9% \u00a0
22,2% \u00a0
56,5% \u00a0
98,1% \u00a0
100,0% \u00a0
Gross carrying amount \u00a0
8 191 \u00a0
721 \u00a0
27 \u00a0
0
0
380 \u00a0
9 320 \u00a0
Loss provision \u00a0
0
13 \u00a0
6
0
0
380 \u00a0
400 \u00a0
2024 \u00a0
More than \u00a0
1-30 days \u00a0
31-90 days
91-180 days
180-360 days \u00a0
DKK\u2019000 \u00a0
Current \u00a0
361 days \u00a0
Total \u00a0
past due \u00a0
past due \u00a0
past due \u00a0
past due \u00a0
past due \u00a0
Expected loss rate \u00a0
0,5% \u00a0
1,9% \u00a0
22,2% \u00a0
56,5% \u00a0
98,1% \u00a0
100,0% \u00a0
Gross carrying amount \u00a0
2 061 \u00a0
781 \u00a0
131 \u00a0
4
90 \u00a0
355 \u00a0
3 422 \u00a0
Loss provision \u00a0
10 \u00a0
15 \u00a0
29 \u00a0
2
88 \u00a0
355 \u00a0
499 \u00a0
Overdue receivables for which provisions have not been made: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Overdue by up to 1 month \u00a0
708 \u00a0
766 \u00a0
0
0
Overdue by 1 to 3 months \u00a0
21 \u00a0
102 \u00a0
0
0
Overdue by more than 3 months \u00a0
0
3
0
0
Total \u00a0
729 \u00a0
872 \u00a0
Overdue receivables for which provisions have not been made, by geographical area: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Europe \u00a0
729 \u00a0
872 \u00a0
0
0
Total \u00a0
729 \u00a0
872 \u00a0
With the implementation of IFRS 9, the company has applied the simplified expected credit loss model to measure the expected credit loss allowance for all trade receivables. \u00a0
Based on the low realised losses on receivables historically, adjustments to reflect current and forward-looking information on macroeconomic factors affecting the ability \u00a0
of clients to settle the receivable such as GDP and unemployment rates do not increase the risk of losses significantly. \u00a0
Provision account for receivables: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Provision account at 1 January \u00a0
499 \u00a0
789 \u00a0
0
0
Reversed provisions \u00a0
55 \u00a0
(470) \u00a0
0
0
Provisions for the year \u00a0
(160) \u00a0
169 \u00a0
0
0
Translation differences \u00a0
6
11 \u00a0
0
0
Provision account at 31 December \u00a0
400 \u00a0
499 \u00a0
21. CHANGE
IN NET WORKING CAPITAL \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Change in inventories \u00a0
19 955 \u00a0
(61 104) \u00a0
0
0
Change in receivables \u00a0
(6 413) \u00a0
4 816 \u00a0
60 \u00a0
33 \u00a0
Change in trade payables and other payables \u00a0
(39 511) \u00a0
44 483 \u00a0
(0) \u00a0
95 \u00a0
Change in balances with subsidiaries \u00a0
0
0
60 \u00a0
128 \u00a0
Total \u00a0
(25 969) \u00a0
(11 805) \u00a0
24. FINANCIAL
RISKS AND FINANCIAL INSTRUMENTS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Trade receivables \u00a0
8 920 \u00a0
2 923 \u00a0
846 \u00a0
517 \u00a0
Intra-group receivables \u00a0
0
0
0
0
Other receivables, current \u00a0
1 864 \u00a0
3 793 \u00a0
0
0
Other receivables, non-current \u00a0
952 \u00a0
309 \u00a0
0
0
Prepayments \u00a0
2 345 \u00a0
0
229 \u00a0
71 \u00a0
Cash and cash equivalents \u00a0
40 489 \u00a0
10 265 \u00a0
1 075 \u00a0
588 \u00a0
Loans, advances and receivables \u00a0
54 570 \u00a0
17 290 \u00a0
49 180 \u00a0
42 919 \u00a0
Debt to subsidiaries \u00a0
0
0
0
0
Finance lease liabilities, current \u00a0
1 862 \u00a0
1 622 \u00a0
0
0
Finance lease liabilities, non-current \u00a0
24 283 \u00a0
24 958 \u00a0
0
0
Bank loans \u00a0
0
17 020 \u00a0
0
0
Other non-current liabilities \u00a0
6 430 \u00a0
6 270 \u00a0
540 \u00a0
339 \u00a0
Trade payables \u00a0
3 117 \u00a0
12 722 \u00a0
0
0
Income tax payable \u00a0
3 090 \u00a0
326 \u00a0
1 101 \u00a0
1 242 \u00a0
Other payables \u00a0
20 095 \u00a0
50 001 \u00a0
50 821 \u00a0
44 500 \u00a0
Financial liabilities \u00a0
58 877 \u00a0
112 919 \u00a0
Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1140": { "value": "
Prepayments \u00a0
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. \u00a0
11. OTHER
NON-CURRENT RECEIVABLES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Prepayment, settlement of claim of title to land \u00a0
952 \u00a0
309 \u00a0
0
0
Total \u00a0
952 \u00a0
309 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1142": { "value": "
Provisions \u00a0
Provisions are recognised when the Group has a legal or constructive obligation as a consequence of past events during the financial year or prior years, and when it is likely \u00a0
that settlement of the obligation will require an outflow of the Group\u2019s financial resources. Warranty commitments cover commitments to repair faulty or defective products \u00a0
sold within the warranty period. \u00a0
Provisions are measured as the best estimate of the costs required to settle the liabilities at the balance sheet date. Provisions with an expected term of more than a year \u00a0
after the balance sheet date are measured at present value. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1143": { "value": "
Provisions \u00a0
Provisions are recognised when the Group has a legal or constructive obligation as a consequence of past events during the financial year or prior years, and when it is likely \u00a0
that settlement of the obligation will require an outflow of the Group\u2019s financial resources. Warranty commitments cover commitments to repair faulty or defective products \u00a0
sold within the warranty period. \u00a0
Provisions are measured as the best estimate of the costs required to settle the liabilities at the balance sheet date. Provisions with an expected term of more than a year \u00a0
after the balance sheet date are measured at present value. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1145": { "value": "
Lease liabilities \u00a0
IFRS 16 eliminates the classification of leases as either operating leases or finance leases. Lease liabilities for all leases with a term of more than 12 months are recognised, \u00a0
unless the underlying asset is of low value. \u00a0
At the commencement date, a lease liability is measured at the present value of future lease payments. The lease payments are discounted using the interest rate implicit in \u00a0
the lease, if that rate can be readily determined. If that rate cannot be readily determined, the incremental borrowing rate is used. \u00a0
After the commencement date, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to \u00a0
reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modification or to reflect revised in-substance fixed lease \u00a0
payments. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1146": { "value": "
Lease liabilities \u00a0
IFRS 16 eliminates the classification of leases as either operating leases or finance leases. Lease liabilities for all leases with a term of more than 12 months are recognised, \u00a0
unless the underlying asset is of low value. \u00a0
At the commencement date, a lease liability is measured at the present value of future lease payments. The lease payments are discounted using the interest rate implicit in \u00a0
the lease, if that rate can be readily determined. If that rate cannot be readily determined, the incremental borrowing rate is used. \u00a0
After the commencement date, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to \u00a0
reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modification or to reflect revised in-substance fixed lease \u00a0
payments. \u00a0
Other financial liabilities \u00a0
Other financial liabilities comprise bank debt, trade payables and other payables to public authorities. On initial recognition, other financial liabilities are measured at fair \u00a0
value less transaction costs. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest method, to the effect that the difference \u00a0
between the proceeds and the nominal value is recognised in the income statement as a financial expense over the term of the loan. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1147": { "value": "
Lease liabilities \u00a0
IFRS 16 eliminates the classification of leases as either operating leases or finance leases. Lease liabilities for all leases with a term of more than 12 months are recognised, \u00a0
unless the underlying asset is of low value. \u00a0
At the commencement date, a lease liability is measured at the present value of future lease payments. The lease payments are discounted using the interest rate implicit in \u00a0
the lease, if that rate can be readily determined. If that rate cannot be readily determined, the incremental borrowing rate is used. \u00a0
After the commencement date, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to \u00a0
reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modification or to reflect revised in-substance fixed lease \u00a0
payments. \u00a0
9. \u00a0
PROPERTY, PLANT AND EQUIPMENT \u00a0
2025 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2025 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
Foreign exchange adjustments \u00a0
2 023 \u00a0
304 \u00a0
2 327 \u00a0
1
265 \u00a0
2 328 \u00a0
Right of use, depreciation \u00a0
0
0
0
(72) \u00a0
(72) \u00a0
(72) \u00a0
Additions \u00a0
0
2 806 \u00a0
2 806 \u00a0
252 \u00a0
3 058 \u00a0
3 058 \u00a0
Disposals or liquidation \u00a0
(1 284) \u00a0
0
(1 284) \u00a0
0
0
(1 284) \u00a0
Transfer to inventories (work in progress) \u00a0
(44 263) \u00a0
(1 257) \u00a0
(45 521) \u00a0
0
(1 257) \u00a0
(45 521) \u00a0
Shortening the leasing period \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
Enhancement costs \u00a0
3 412 \u00a0
0
3 412 \u00a0
0
0
3 412 \u00a0
Revaluation to market value \u00a0
46 299 \u00a0
(297) \u00a0
46 003 \u00a0
0
(297) \u00a0
46 003 \u00a0
Carrying amount at 31 December 2025 \u00a0
198 020 \u00a0
23 665 \u00a0
221 685 \u00a0
204 \u00a0
23 829 \u00a0
221 889 \u00a0
* Unrealised revaluation to marked value amounts to DKK\u2019000 46,003. \u00a0
2024 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2024 \u00a0
171 044 \u00a0
25 239 \u00a0
196 283 \u00a0
85 \u00a0
25 324 \u00a0
196 368 \u00a0
Foreign exchange adjustments \u00a0
3 938 \u00a0
467 \u00a0
4 405 \u00a0
(9) \u00a0
458 \u00a0
4 396 \u00a0
Right of use, depreciation \u00a0
0
0
0
(53) \u00a0
(53) \u00a0
(53) \u00a0
Additions \u00a0
0
763 \u00a0
763 \u00a0
0
763 \u00a0
763 \u00a0
Disposals \u00a0
0
0
0
0
0
0
Transfer to inventories (work in progress) \u00a0
0
0
0
0
0
0
Shortening the leasing period \u00a0
0
0
0
0
0
Enhancement costs \u00a0
4 631 \u00a0
0
4 631 \u00a0
0
0
4 631 \u00a0
Revaluation to market value \u00a0
12 221 \u00a0
(174) \u00a0
12 047 \u00a0
0
(174) \u00a0
12 047 \u00a0
Carrying amount at 31 December 2024 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
*Unrealised revaluation to marked value amounts to DKK\u2019000 12,047. \u00a0
The Polish properties have an assessed value of DKK 221,889 thousand, of which DKK 197,865 thousand is the real estate in Warsaw, DKK 155 thousand is a land plot in \u00a0
Blichowo and DKK 23,829 thousand is the right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation \u00a0
report received in December 2025, prepared by a leading international real estate appraiser in Warsaw. The value of the land plot in Blichowo has been assessed by the \u00a0
company\u2019s management using a comparative method. \u00a0
The value of the real estate in Warsaw represents the valuers\u2019 assessment of the current fair value. In addition to the general price level in the market, the assessment is \u00a0
based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the current and potential income generated by \u00a0
the property and the zoning of the area and development potential. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution \u00a0
of former owners\u2019 claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or adversely impact \u00a0
the property valuation. \u00a0
For the valuation purposes, the property was divided into four groups based on designation/use: internal roads, industrial schemes (buildings), development land and plots \u00a0
designated for external roads. \u00a0
For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine \u00a0
the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their \u00a0
individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage \u00a0
weighting, and the characteristics of each comparable and the subject are then rated, typically from 1\u20135, from very good to very poor. The price of each comparable is \u00a0
adjusted according to how it differs from the subject, with the resulting adjusted average price from the comparables taken as providing a reasonable indication of the \u00a0
subject\u2019s value. \u00a0
Industrial buildings are valued using an income based approach based on current and potential earnings. Income from each lessee is expected to be generated for as long as \u00a0
the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. \u00a0
Adjustments are made for lost rental income during void periods expenditures and unobtainable running costs. Market rents applied range from DKK 65.1 per sqm for \u00a0
ordinary warehouses (21,141 sqm), DKK 73.9 per sqm for offices (4,039 sqm), small business units DKK 89.8 (3,577 sqm) and DKK 123.2 per sqm for self-storage boxes (1,874 \u00a0
sqm). \u00a0
For the purpose of the valuation of the industrial buildings, discounted cash flow has been used. The required rates of return which have been set are an important factor in \u00a0
estimating the fair values. An exit yield of 11.75% and discount rate of 13.75% were adopted, noting a 25bps decrease compared to 2024 as a result of decreasing cost of \u00a0
capital influenced by base rent rate cuts during 2025, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease \u00a0
agreements and the physical state of the particular buildings. Using the assumptions mentioned above, a value of the subject was calculated reflecting an initial yield of 8.7% \u00a0
(in 2024 9%) and a final yield of 15.3% (in 2024 15.7%). \u00a0
Other assumptions: \u00a0
Short-term leases: assumed to expire after their notice periods \u00a0
Letting voids: 24 months for offices / 12 for warehouse & production space \u00a0
Reletting voids: 10 months for offices / 5 for warehouse & production space and SBU units \u00a0
No fit-out contributions \u00a0
Letting fees: 16.7% of annual market rent \u00a0
No rent-free periods \u00a0
Empty service charge 25 DKK per sqm during void periods \u00a0
Irrecoverable operating costs DKK 4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget) \u00a0
Capital expenditure of DKK 2.4 million \u00a0
In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted \u00a0
administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the \u00a0
transitional phase. \u00a0
Fair value hierarchy information \u00a0
Level 1 \u00a0
Level 2 \u00a0
Level 3 \u00a0
at 31/12 \u00a0
2025 \u00a0
Land / roads \u00a0
53 945 \u00a0
53 945 \u00a0
Plots of land with buildings \u00a0
144 115 \u00a0
144 115 \u00a0
Right of use \u00a0
23 829 \u00a0
23 829 \u00a0
Total investment property \u00a0
221 889 \u00a0
221 889 \u00a0
2024 \u00a0
Land / roads \u00a0
53 513 \u00a0
53 513 \u00a0
Plots of land with buildings \u00a0
138 321 \u00a0
138 321 \u00a0
Right of use \u00a0
26 318 \u00a0
26 318 \u00a0
Total investment property \u00a0
218 151 \u00a0
218 151 \u00a0
17. LEASE
LIABILITIES \u00a0
GROUP \u00a0
Lease liabilities arise from the application of IFRS 16 and relate to the right of perpetual usufruct and the leasing of a company car. Disclosures regarding the \u00a0
depreciation charge for right-of-use assets and the carrying amount of right-of-use assets at the end of the reporting period are included in Note 9. Interest \u00a0
expense on lease liabilities is presented in Note 6. The total cash outflow for leases was DKK 1,947 thousand in 2025. The fixed incremental borrowing rate applied \u00a0
for first time recognition of lease liability was 6%. The total lease obligation was discounted using the incremental borrowing rate over the total lease period, \u00a0
which is 64 years. \u00a0
Minimium lease \u00a0
Present value of \u00a0
payments \u00a0
minimum lease payments \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
Finance lease liabilities fall due as follows: \u00a0
Within 1 year from the balance sheet date \u00a0
1 973 \u00a0
1 804 \u00a0
1 862 \u00a0
1 700 \u00a0
Between 1 and 5 years from the balance sheet date \u00a0
8 808 \u00a0
8 199 \u00a0
7 070 \u00a0
6 526 \u00a0
More than 5 years from the balance sheet date \u00a0
87 992 \u00a0
95 240 \u00a0
17 213 \u00a0
18 354 \u00a0
At 31 December \u00a0
98 772 \u00a0
105 243 \u00a0
26 145 \u00a0
26 580 \u00a0
Present \u00a0
value of \u00a0
minimum \u00a0
Fixed or \u00a0
lease \u00a0
floating \u00a0
payments, Fair
value, \u00a0
2025 \u00a0
Expiry \u00a0
interest rate
DKK'000 \u00a0
DKK'000 \u00a0
Lease liability, right of use investment property \u00a0
2089 \u00a0
Fixed \u00a0
25 941 \u00a0
25 941 \u00a0
Lease liability, right of use plant and machinery \u00a0
2028 \u00a0
Floating \u00a0
204 \u00a0
204 \u00a0
Total \u00a0
26 145 \u00a0
26 145 \u00a0
Present \u00a0
value of \u00a0
minimum \u00a0
Fixed or \u00a0
lease \u00a0
floating \u00a0
payments, Fair
value, \u00a0
2024 \u00a0
Expiry \u00a0
interest rate
DKK'000 \u00a0
DKK'000 \u00a0
Lease liability, right of use investment property \u00a0
2 089 \u00a0
Fixed \u00a0
26 559 \u00a0
26 559 \u00a0
Lease liability, right of use plant and machinery \u00a0
2 025 \u00a0
Floating \u00a0
21 \u00a0
21 \u00a0
Total \u00a0
26 580 \u00a0
26 580 \u00a0
18. CHANGES
IN LIABILITIES ARISING FROM FINANCING ACTIVITIES \u00a0
GROUP \u00a0
2025 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Lease liabilities \u00a0
21 \u00a0
252 \u00a0
(79) \u00a0
11 \u00a0
(1) \u00a0
204 \u00a0
Bank loans (overdraft) \u00a0
0
850 \u00a0
(915) \u00a0
65 \u00a0
0
0
Bank loans (development) \u00a0
17 020 \u00a0
33 622 \u00a0
(51 995) \u00a0
1 237 \u00a0
115 \u00a0
0
Total financial liabilities \u00a0
17 042 \u00a0
34 724 \u00a0
(52989) \u00a0
1 313 \u00a0
114 \u00a0
204 \u00a0
GROUP \u00a0
2024 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Lease liabilities \u00a0
75 \u00a0
0
(60) \u00a0
6
0
21 \u00a0
Bank loans (overdraft) \u00a0
16 \u00a0
800 \u00a0
(875) \u00a0
59 \u00a0
0
0
Bank loans (development) \u00a0
3 339 \u00a0
62 107 \u00a0
(50 678) \u00a0
2 082 \u00a0
170 \u00a0
17 020 \u00a0
Total financial liabilities \u00a0
3 430 \u00a0
62 907 \u00a0
(51613) \u00a0
2 147 \u00a0
170 \u00a0
17 042 \u00a0
PARENT COMPANY \u00a0
2025 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Loans from subsidiaries \u00a0
42 788 \u00a0
4 009 \u00a0
0
1 785 \u00a0
467 \u00a0
49 049 \u00a0
Bank loans (overdraft) \u00a0
0
850 \u00a0
(915) \u00a0
65 \u00a0
0
0
Loans \u00a0
42 788 \u00a0
4 859 \u00a0
(915) \u00a0
1 851 \u00a0
467 \u00a0
49 049 \u00a0
2024 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Loans from subsidiaries \u00a0
38 304 \u00a0
2 180 \u00a0
0
1 576 \u00a0
728 \u00a0
42 788 \u00a0
Bank loans (overdraft) \u00a0
16 \u00a0
800 \u00a0
(875) \u00a0
59 \u00a0
0
0
Loans \u00a0
38 320 \u00a0
2 980 \u00a0
(875) \u00a0
1 635 \u00a0
728 \u00a0
42 788 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1151": { "value": "
CASH FLOW STATEMENT \u00a0
The consolidated cash flow statement is presented according to the indirect method and shows cash flows from operating, investing and financing activities as well as cash \u00a0
and cash equivalents at the beginning and the end of the year. \u00a0
The cash effect of acquisitions and divestments of entities is shown separately under cash flows from investing activities. Cash flows from the acquisition of entities are \u00a0
recognised in the cash flow statement from the date of acquisition. Cash flows from the disposal of entities are recognised up to the date of disposal. \u00a0
Cash flows from operating activities are presented according to the indirect method and stated as operating profit, adjusted for non-cash operating items and changes in \u00a0
working capital and financial income and expenses, less the income tax paid during the financial year attributable to operating activities. \u00a0
Cash flows from investing activities comprise payments related to the purchase and sale of financial assets, including non-current prepayments for goods, subsidiaries as well \u00a0
as the purchase, development, improvement, sale, etc. of intangible assets and property, plant and equipment. \u00a0
Cash flows from financing activities comprise changes in the size or the composition of the parent company\u2019s share capital and related costs as well as the raising and \u00a0
repayment of loans, cash deposits, instalments on interest-bearing debt, acquisition of treasury shares and payment of dividends. Furthermore, cash flows regarding assets \u00a0
held under finance leases in the form of lease payments made are recognised. \u00a0
Cash and cash equivalents comprise cash deposits. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1152": { "value": "
CASH FLOW STATEMENT \u00a0
The consolidated cash flow statement is presented according to the indirect method and shows cash flows from operating, investing and financing activities as well as cash \u00a0
and cash equivalents at the beginning and the end of the year. \u00a0
The cash effect of acquisitions and divestments of entities is shown separately under cash flows from investing activities. Cash flows from the acquisition of entities are \u00a0
recognised in the cash flow statement from the date of acquisition. Cash flows from the disposal of entities are recognised up to the date of disposal. \u00a0
Cash flows from operating activities are presented according to the indirect method and stated as operating profit, adjusted for non-cash operating items and changes in \u00a0
working capital and financial income and expenses, less the income tax paid during the financial year attributable to operating activities. \u00a0
Cash flows from investing activities comprise payments related to the purchase and sale of financial assets, including non-current prepayments for goods, subsidiaries as well \u00a0
as the purchase, development, improvement, sale, etc. of intangible assets and property, plant and equipment. \u00a0
Cash flows from financing activities comprise changes in the size or the composition of the parent company\u2019s share capital and related costs as well as the raising and \u00a0
repayment of loans, cash deposits, instalments on interest-bearing debt, acquisition of treasury shares and payment of dividends. Furthermore, cash flows regarding assets \u00a0
held under finance leases in the form of lease payments made are recognised. \u00a0
Cash and cash equivalents comprise cash deposits. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1157": { "value": "
Segment information \u00a0
The Group is assessed as having two segments: \u00a0
(A) Property management division comprising letting of premises and land and the provision of utilities to tenants, including power, water, natural gas, facility \u00a0
services, etc. \u00a0
(B) Property development \u2013 including the preparation and implementation of development projects, primarily in the field of housing and commercial space. \u00a0
Segment information is measured in accordance with the accounting policies applied in the consolidated financial statements. Segments are reported in a manner \u00a0
consistent with the internal reporting provided to Executive Management and the Board of Directors. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1158": { "value": "
Segment information \u00a0
The Group is assessed as having two segments: \u00a0
(A) Property management division comprising letting of premises and land and the provision of utilities to tenants, including power, water, natural gas, facility \u00a0
services, etc. \u00a0
(B) Property development \u2013 including the preparation and implementation of development projects, primarily in the field of housing and commercial space. \u00a0
Segment information is measured in accordance with the accounting policies applied in the consolidated financial statements. Segments are reported in a manner \u00a0
consistent with the internal reporting provided to Executive Management and the Board of Directors. \u00a0
3. \u00a0
SEGMENT INFORMATION \u00a0
Based on IFRS 8 Operating Segments, the CeMat Group is assessed as having two segments: \u00a0
(A) Property management division comprising letting of premises and land and the provision of utilities to tenants, including power, water, natural gas, facility \u00a0
services, etc. \u00a0
(B) Property development \u2013 including the preparation and implementation of development projects, primarily in the field of housing and commercial space. \u00a0
2025 \u00a0
Management & \u00a0
Development \u00a0
Total \u00a0
DKK'000 \u00a0
Holding \u00a0
Sales revenue, solely external \u00a0
39 314 \u00a0
125 348 \u00a0
164 662 \u00a0
Raw materials and consumables \u00a0
(8 207) \u00a0
0
(8 207) \u00a0
Changes in inventories of finished goods and work in progress \u00a0
0
(92 149) \u00a0
(92 149) \u00a0
Other costs \u00a0
(9 059) \u00a0
0
(9 059) \u00a0
GROSS PROFIT \u00a0
22 048 \u00a0
33 199 \u00a0
55 247 \u00a0
Overheads \u00a0
(13 655) \u00a0
(1 411) \u00a0
(15 066) \u00a0
Other income / costs \u00a0
(214) \u00a0
0
(214) \u00a0
EBITDA \u00a0
8 180 \u00a0
31 788 \u00a0
39 968 \u00a0
Depreciation, amortisation and impairment \u00a0
(72) \u00a0
0
(72) \u00a0
EBIT \u00a0
8 108 \u00a0
31 788 \u00a0
39 896 \u00a0
Revaluation investment property \u00a0
46 003 \u00a0
0
46 003 \u00a0
Net result on financial activities \u00a0
(1 295) \u00a0
(166) \u00a0
(1 461) \u00a0
PROFIT (LOSS) BEFORE TAX \u00a0
52 816 \u00a0
31 622 \u00a0
84 438 \u00a0
Tax on profit/(loss) including deferred tax \u00a0
(11 860) \u00a0
(6 713) \u00a0
(18 573) \u00a0
PROFIT (LOSS) FOR THE PERIOD \u00a0
40 956 \u00a0
24 909 \u00a0
65 865 \u00a0
Property \u00a0
2025 \u00a0
Management & \u00a0
Development \u00a0
Total \u00a0
DKK'000 \u00a0
Holding \u00a0
Segment Assets \u00a0
278 759 \u00a0
84 653 \u00a0
363 412 \u00a0
Segment liabilities \u00a0
23 019 \u00a0
35 858 \u00a0
58 877 \u00a0
Deferred tax liabilities \u00a0
47 708 \u00a0
Total liabilities \u00a0
106 585 \u00a0
Property \u00a0
2024 \u00a0
Management & \u00a0
Development \u00a0
Total \u00a0
DKK'000 \u00a0
Holding \u00a0
Sales revenue, solely external \u00a0
39 372 \u00a0
24 \u00a0
39 396 \u00a0
Raw materials and consumables \u00a0
(10 349) \u00a0
0
(10 349) \u00a0
Changes in inventories of finished goods and work in progress \u00a0
0
0
0
Other costs \u00a0
(8 565) \u00a0
0
(8 565) \u00a0
GROSS PROFIT \u00a0
20 458 \u00a0
24 \u00a0
20 482 \u00a0
Overheads \u00a0
(13 640) \u00a0
(518) \u00a0
(14 158) \u00a0
Other income / costs \u00a0
999 \u00a0
0
999 \u00a0
EBITDA \u00a0
7 817 \u00a0
(494) \u00a0
7 323 \u00a0
Depreciation, amortisation and impairment \u00a0
(53) \u00a0
0
(53) \u00a0
EBIT \u00a0
7 764 \u00a0
(494) \u00a0
7 270 \u00a0
Revaluation investment property \u00a0
12 047 \u00a0
0
12 047 \u00a0
Net result on financial activities \u00a0
(1 385) \u00a0
(163) \u00a0
(1 548) \u00a0
PROFIT (LOSS) BEFORE TAX \u00a0
18 426 \u00a0
(657) \u00a0
17 769 \u00a0
Tax on profit/(loss) including deferred tax \u00a0
(4 475) \u00a0
155 \u00a0
(4 320) \u00a0
PROFIT (LOSS) FOR THE PERIOD \u00a0
13 951 \u00a0
(502) \u00a0
13 449 \u00a0
Property \u00a0
2024 \u00a0
Management & \u00a0
Development \u00a0
Total \u00a0
DKK'000 \u00a0
Holding \u00a0
Segment Assets \u00a0
232 161 \u00a0
110 188 \u00a0
342 349 \u00a0
Segment liabilities \u00a0
23 918 \u00a0
89 001 \u00a0
112 919 \u00a0
Deferred tax liabilities \u00a0
38 265 \u00a0
Total liabilities \u00a0
151 184 \u00a0
Other segment information: \u00a0
Property management revenue can be broken down into the letting of premises and land and the provision of utilities to tenants, including power, water, natural gas, \u00a0
facility services, etc: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Rent \u00a0
22 152 \u00a0
20 461 \u00a0
0
0
Service charge \u00a0
7 986 \u00a0
7 674 \u00a0
0
0
Utilities \u00a0
9 176 \u00a0
11 261 \u00a0
0
0
Development \u00a0
125 348 \u00a0
-
0
0
164 662 \u00a0
39 396 \u00a0
Revenue is generated by the Polish subsidiaries CeMat Real Estate, CeMat '70 S.A. and W133. The Group derives 100% of its revenue from external customers in Poland. \u00a0
No revenue from external customers is attributable to Denmark, which is the Group\u2019s country of domicile. All non-current non-financial assets are located in Poland, and no \u00a0
such assets are attributable to Denmark. Deferred tax assets and liabilities are likewise related solely to activities in Poland. Revenue is allocated geographically based on \u00a0
the location of the underlying asset sold. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1162": { "value": "
New standards, interpretations and amendments effective from 1 January 2025 \u00a0
The following new standards, amendments and interpretations are effective for the first time for periods beginning on or after 1 January 2025: \u00a0
x
Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7); \u00a0
x
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16); \u00a0
x
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1);and \u00a0
x
Non-current Liabilities with Covenants (Amendments to IAS 1). \u00a0
The new standards, interpretations and amendments do not have significant impact on the Group\u2019s financial statements. \u00a0
New standards, interpretations and amendments not yet effective \u00a0
There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective in future accounting periods \u00a0
that the group has decided not to adopt early. The most significant of these are: \u00a0
x
Lack of Exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates); \u00a0
x
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); \u00a0
x
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7); \u00a0
x
IFRS 18 Presentation and Disclosure in Financial Statements; \u00a0
x
IFRS 19 Subsidiaries without Public Accountability: Disclosures. \u00a0
The Group has assessed the impact of IFRS 18 Presentation and Disclosure in Financial Statements on the classification and presentation of income and expenses in the \u00a0
consolidated financial statements. \u00a0
IFRS 18 will revise the presentation of CeMat\u2019s income statement, primarily due to the reclassification of items currently presented as \u201cfinancial income\u201d and \u201cfinancial \u00a0
expenses\u201d into three new categories: operating financial income and expenses, investment income, and interest expenses. \u00a0
As the Group\u2019s main business activity consists of investment in and management of investment properties, CeMat qualifies as having a specified main business activity under \u00a0
IFRS 18. Consequently, income and expenses arising from this activity are classified within operating profit. In particular, fair value adjustments relating to investment \u00a0
properties will be presented within operating profit under IFRS 18. Previously, such fair value adjustments were presented outside operating profit. \u00a0
The revised structure will result in a difference between operating profit as previously reported under IAS 1 and operating profit as defined under IFRS 18. The change is \u00a0
mainly driven by the inclusion of operating foreign exchange differences arising from intragroup balances within operating profit under the new standard. \u00a0
The changes relate solely to presentation and classification. Reported net results, total comprehensive income, equity and cash flows remain unaffected. Comparative figures \u00a0
will be restated upon initial application to reflect the new presentation requirements. \u00a0
In addition, IFRS 18 introduces a requirement to disclose management-defined performance measures (MPMs) in a separate note within the audited section of the financial \u00a0
statements. The standard also introduces additional disclosure requirements intended to enhance transparency and comparability of financial performance. \u00a0
The Group is currently assessing the effect of these new accounting standards and amendments. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1165": { "value": "
2. \u00a0
SIGNIFICANT ACCOUNTING ESTIMATES, ASSUMPTIONS AND UNCERTAINTIES \u00a0
In applying the Group\u2019s accounting policies, as outlined in Note 1, Management is required to make judgements, estimates and assumptions about the carrying amounts of \u00a0
assets and liabilities which cannot be immediately inferred from other sources. \u00a0
The estimates and assumptions applied are based on historical experience and other factors that Management considers reasonable under the circumstances, but which are \u00a0
inherently uncertain and unpredictable. Such assumptions may be incomplete or inaccurate, and unexpected events or circumstances may occur. In addition, the Group is \u00a0
subject to risks and uncertainties that may cause actual outcomes to deviate from such estimates. CeMat\u2019s risks are described in \u201cRisks and risk management\u201d and in Note \u00a0
24 \u201cFinancial risks and financial instruments\u201d. \u00a0
Estimates and underlying assumptions are reviewed on an ongoing basis. Changes to accounting estimates are recognised in the reference period in which the change occurs \u00a0
and in future reference periods if the change affects the period in which it is made as well as subsequent reference periods. \u00a0
Measurement of investment property \u00a0
The Group\u2019s investment property is measured at its estimated fair value in accordance with IAS 40 and IFRS 13, and any value adjustments are recognised in the income \u00a0
statement. Management has reviewed the updated valuation report received in December 2025 and its underlying assumptions. Management\u2019s valuation estimate is in line \u00a0
with that indicated in the report, and the fair value consequently reflects the value stated in the report. \u00a0
As the property market is not in all respects as efficient and liquid as, for example, the equity market, there can be no assurance that a buyer willing to pay the fair value at \u00a0
which the property is stated in the financial statements can be found at any given time. In other words, properties are subject to a liquidity risk in a sales situation. \u00a0
Investments in subsidiaries \u00a0
Investments in subsidiaries are recognised in the parent company's financial statements at cost less any write-downs to the recoverable amount. \u00a0
Forward-looking statements \u00a0
All forward-looking statements in this annual report reflect Management\u2019s current expectations for certain future events and financial results. Forward-looking statements \u00a0
are inherently subject to uncertainty, and actual results may therefore differ materially from expectations. \u00a0
Factors that may cause actual results to deviate materially from expectations include, but are not limited to, general economic developments, developments in the financial \u00a0
markets and changes in the Polish real estate rental market. Changes in the political climate in Poland may also affect forecasts and results. \u00a0
Tax asset utilisation \u00a0
Deferred tax assets are recognised for all unutilised tax losses and differences to the extent it is considered likely that they can be utilised through taxable income within a \u00a0
foreseeable number of years. \u00a0
The annual report is published only in English. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1181": { "value": "
4. \u00a0
STAFF COSTS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
1 375 \u00a0
1 375 \u00a0
Directors' fees \u00a0
1 375 \u00a0
1 375 \u00a0
68 \u00a0
68 \u00a0
Wages and salaries \u00a0
4 272 \u00a0
4 359 \u00a0
0
0
Bonuses for Management Board \u00a0
498 \u00a0
446 \u00a0
0
0
Pension contributions, defined contribution plans \u00a0
861 \u00a0
883 \u00a0
0
0
Other social security costs \u00a0
237 \u00a0
269 \u00a0
1 443 \u00a0
1 443 \u00a0
Total \u00a0
7 243 \u00a0
7 332 \u00a0
The calculation of the average number of full-time employees (FTE) is based on the number of employees at the end of each month, not including members of the Board of Directors. \u00a0
For the purpose of the above table, the Management Board is understood as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, \u00a0
W131, W133 and Moje Bielany 3. Additional remuneration of the Management Board Members for consultancy services of DKK 2,491 thousand (2024: DKK 2,353 thousand) related to \u00a0
the development project or the preparation of land plots for divestment or development is recognised as inventories (work in progress) or investment property and is not included in \u00a0
the table above. \u00a0
CeMat signed an annex on February 2022 which intends to introduce a new performance-based remuneration system for the CEO, contributing to business strategy, long-term \u00a0
interests and sustainability through the application of the long-term performance and development targets of the company. An additional bonus will be paid if the companies obtain a \u00a0
profit from the sale of the properties in an amount exceeding the limit of PLN 103,500,000 (base).
The bonus structure is as follows: \u00a0
For a basis between PLN 103,500,000 and PLN 200,000,000, the bonus is 0.75% of the amount exceeding PLN 103,500,000. For a basis between PLN 200,000,000 and PLN \u00a0
300,000,000, the bonus is 1% of the amount exceeding PLN 200,000,000. For a basis exceeding PLN 300,000,000, the bonus is 1.5% of the amount above PLN 300,000,000.The limit will \u00a0
be adjusted for inflation/deflation 24 months after the annex enters into force. This limit is based on the sale of undeveloped real estate and profits from the sale of developed real \u00a0
estate. \u00a0
Group and parent company \u00a0
Remuneration of Board of Directors and Management Board \u00a0
Board of Directors \u00a0
Management Board \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
Directors' fees \u00a0
1 375 \u00a0
1 375 \u00a0
0
0
Salaries \u00a0
0
0
3 300 \u00a0
3 080 \u00a0
Bonuses \u00a0
0
0
498 \u00a0
446 \u00a0
Pension contributions \u00a0
0
0
212 \u00a0
188 \u00a0
Total \u00a0
1 375 \u00a0
1 375 \u00a0
4 010 \u00a0
3 714 \u00a0
The fee to the Chairman of the Board of Directors for the current term amounts to DKK 550 thousand (2024: DKK 550 thousand), to the Deputy Chairman DKK 385 thousand \u00a0
(2024: DKK 385 thousand) and to an ordinary member DKK 220 thousand (2024: DKK 220 thousand). For the purpose of the above table, the Management Board is understood \u00a0
as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, W131, W133 and Moje Bielany 3. Additional remuneration of the \u00a0
Management Board Members for consultancy services of DKK 2,491 thousand mainly related to the development project or the preparation of land plots for divestment or \u00a0
development recognised as inventories (work in progress) or investment property is included in the line \u201cSalaries\u201d in the table above. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1189": { "value": "
5. \u00a0
FINANCIAL INCOME \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
21 \u00a0
57 \u00a0
Interest from group entities \u00a0
0
0
0
0
Interest on bank deposits etc. \u00a0
274 \u00a0
148 \u00a0
0
0
Other interest \u00a0
0
0
21 \u00a0
57 \u00a0
Interest income \u00a0
274 \u00a0
148 \u00a0
0
0
Foreign exchange adjustments \u00a0
0
0
21 \u00a0
57 \u00a0
Total \u00a0
274 \u00a0
148 \u00a0
6. \u00a0
FINANCIAL EXPENSES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
1 786 \u00a0
1 598 \u00a0
Interest to group entities \u00a0
0
0
0
0
Interest relating to finance lease liabilities \u00a0
1 661 \u00a0
1 593 \u00a0
65 \u00a0
68 \u00a0
Interest on bank loans \u00a0
65 \u00a0
68 \u00a0
0
0
Other interest \u00a0
6
25 \u00a0
1 851 \u00a0
1 666 \u00a0
Interest expenses \u00a0
1 732 \u00a0
1 686 \u00a0
450 \u00a0
716 \u00a0
Foreign exchange adjustments \u00a0
3
10 \u00a0
2 301 \u00a0
2 382 \u00a0
Total \u00a0
1 735 \u00a0
1 696 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1190": { "value": "
5. \u00a0
FINANCIAL INCOME \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
21 \u00a0
57 \u00a0
Interest from group entities \u00a0
0
0
0
0
Interest on bank deposits etc. \u00a0
274 \u00a0
148 \u00a0
0
0
Other interest \u00a0
0
0
21 \u00a0
57 \u00a0
Interest income \u00a0
274 \u00a0
148 \u00a0
0
0
Foreign exchange adjustments \u00a0
0
0
21 \u00a0
57 \u00a0
Total \u00a0
274 \u00a0
148 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1192": { "value": "
6. \u00a0
FINANCIAL EXPENSES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
1 786 \u00a0
1 598 \u00a0
Interest to group entities \u00a0
0
0
0
0
Interest relating to finance lease liabilities \u00a0
1 661 \u00a0
1 593 \u00a0
65 \u00a0
68 \u00a0
Interest on bank loans \u00a0
65 \u00a0
68 \u00a0
0
0
Other interest \u00a0
6
25 \u00a0
1 851 \u00a0
1 666 \u00a0
Interest expenses \u00a0
1 732 \u00a0
1 686 \u00a0
450 \u00a0
716 \u00a0
Foreign exchange adjustments \u00a0
3
10 \u00a0
2 301 \u00a0
2 382 \u00a0
Total \u00a0
1 735 \u00a0
1 696 \u00a0
27. RELATED
PARTY TRANSACTIONS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
21 \u00a0
57 \u00a0
Subsidiaries, interest income \u00a0
0
0
(1 785) \u00a0
(1 576) \u00a0
Subsidiaries, interest expense \u00a0
0
0
(1 764) \u00a0
(1 519) \u00a0
Total \u00a0
0
0
Other management remuneration etc. is stated separately in connection with note 4 \u201cStaff costs\u201d. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1194": { "value": "
6. \u00a0
FINANCIAL EXPENSES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
1 786 \u00a0
1 598 \u00a0
Interest to group entities \u00a0
0
0
0
0
Interest relating to finance lease liabilities \u00a0
1 661 \u00a0
1 593 \u00a0
65 \u00a0
68 \u00a0
Interest on bank loans \u00a0
65 \u00a0
68 \u00a0
0
0
Other interest \u00a0
6
25 \u00a0
1 851 \u00a0
1 666 \u00a0
Interest expenses \u00a0
1 732 \u00a0
1 686 \u00a0
450 \u00a0
716 \u00a0
Foreign exchange adjustments \u00a0
3
10 \u00a0
2 301 \u00a0
2 382 \u00a0
Total \u00a0
1 735 \u00a0
1 696 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1211": { "value": "
8. \u00a0
EARNINGS PER SHARE \u00a0
The calculation of earnings per share is based on the following: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Earnings per share for continuing and discontinued \u00a0
(0,02) \u00a0
(0,02) \u00a0
0,25 \u00a0
0,05 \u00a0
operations (DKK) \u00a0
Diluted earnings per share for continuing and discontinued \u00a0
(0,02) \u00a0
(0,02) \u00a0
0,25 \u00a0
0,05 \u00a0
operations (DKK) \u00a0
Earnings used in the calculation of earnings per share \u00a0
(5 834) \u00a0
(5 701) \u00a0
61 748 \u00a0
12 205 \u00a0
(DKK\u2019000) \u00a0
Average number of shares used to calculate earnings per \u00a0
249 850 \u00a0
249 850 \u00a0
249 850 \u00a0
249 850 \u00a0
share (\u2018000) \u00a0
0
0
Average dilutive effect of outstanding warrants (\u2018000) \u00a0
0
0
Average number of shares used to calculate diluted \u00a0
249 850 \u00a0
249 850 \u00a0
249 850 \u00a0
249 850 \u00a0
earnings per share (\u2018000) \u00a0
The average number of outstanding shares is calculated as the number of days prior to a capital increase multiplied by the number of shares in circulation. If several capital \u00a0
increases are made, the number of days between the capital increases multiplied by the number of shares in circulation during the relevant period is added together. The \u00a0
sum is divided by 365. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1214": { "value": "
9. \u00a0
PROPERTY, PLANT AND EQUIPMENT \u00a0
2025 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2025 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
Foreign exchange adjustments \u00a0
2 023 \u00a0
304 \u00a0
2 327 \u00a0
1
265 \u00a0
2 328 \u00a0
Right of use, depreciation \u00a0
0
0
0
(72) \u00a0
(72) \u00a0
(72) \u00a0
Additions \u00a0
0
2 806 \u00a0
2 806 \u00a0
252 \u00a0
3 058 \u00a0
3 058 \u00a0
Disposals or liquidation \u00a0
(1 284) \u00a0
0
(1 284) \u00a0
0
0
(1 284) \u00a0
Transfer to inventories (work in progress) \u00a0
(44 263) \u00a0
(1 257) \u00a0
(45 521) \u00a0
0
(1 257) \u00a0
(45 521) \u00a0
Shortening the leasing period \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
Enhancement costs \u00a0
3 412 \u00a0
0
3 412 \u00a0
0
0
3 412 \u00a0
Revaluation to market value \u00a0
46 299 \u00a0
(297) \u00a0
46 003 \u00a0
0
(297) \u00a0
46 003 \u00a0
Carrying amount at 31 December 2025 \u00a0
198 020 \u00a0
23 665 \u00a0
221 685 \u00a0
204 \u00a0
23 829 \u00a0
221 889 \u00a0
* Unrealised revaluation to marked value amounts to DKK\u2019000 46,003. \u00a0
2024 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2024 \u00a0
171 044 \u00a0
25 239 \u00a0
196 283 \u00a0
85 \u00a0
25 324 \u00a0
196 368 \u00a0
Foreign exchange adjustments \u00a0
3 938 \u00a0
467 \u00a0
4 405 \u00a0
(9) \u00a0
458 \u00a0
4 396 \u00a0
Right of use, depreciation \u00a0
0
0
0
(53) \u00a0
(53) \u00a0
(53) \u00a0
Additions \u00a0
0
763 \u00a0
763 \u00a0
0
763 \u00a0
763 \u00a0
Disposals \u00a0
0
0
0
0
0
0
Transfer to inventories (work in progress) \u00a0
0
0
0
0
0
0
Shortening the leasing period \u00a0
0
0
0
0
0
Enhancement costs \u00a0
4 631 \u00a0
0
4 631 \u00a0
0
0
4 631 \u00a0
Revaluation to market value \u00a0
12 221 \u00a0
(174) \u00a0
12 047 \u00a0
0
(174) \u00a0
12 047 \u00a0
Carrying amount at 31 December 2024 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
*Unrealised revaluation to marked value amounts to DKK\u2019000 12,047. \u00a0
The Polish properties have an assessed value of DKK 221,889 thousand, of which DKK 197,865 thousand is the real estate in Warsaw, DKK 155 thousand is a land plot in \u00a0
Blichowo and DKK 23,829 thousand is the right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation \u00a0
report received in December 2025, prepared by a leading international real estate appraiser in Warsaw. The value of the land plot in Blichowo has been assessed by the \u00a0
company\u2019s management using a comparative method. \u00a0
The value of the real estate in Warsaw represents the valuers\u2019 assessment of the current fair value. In addition to the general price level in the market, the assessment is \u00a0
based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the current and potential income generated by \u00a0
the property and the zoning of the area and development potential. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution \u00a0
of former owners\u2019 claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or adversely impact \u00a0
the property valuation. \u00a0
For the valuation purposes, the property was divided into four groups based on designation/use: internal roads, industrial schemes (buildings), development land and plots \u00a0
designated for external roads. \u00a0
For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine \u00a0
the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their \u00a0
individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage \u00a0
weighting, and the characteristics of each comparable and the subject are then rated, typically from 1\u20135, from very good to very poor. The price of each comparable is \u00a0
adjusted according to how it differs from the subject, with the resulting adjusted average price from the comparables taken as providing a reasonable indication of the \u00a0
subject\u2019s value. \u00a0
Industrial buildings are valued using an income based approach based on current and potential earnings. Income from each lessee is expected to be generated for as long as \u00a0
the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. \u00a0
Adjustments are made for lost rental income during void periods expenditures and unobtainable running costs. Market rents applied range from DKK 65.1 per sqm for \u00a0
ordinary warehouses (21,141 sqm), DKK 73.9 per sqm for offices (4,039 sqm), small business units DKK 89.8 (3,577 sqm) and DKK 123.2 per sqm for self-storage boxes (1,874 \u00a0
sqm). \u00a0
For the purpose of the valuation of the industrial buildings, discounted cash flow has been used. The required rates of return which have been set are an important factor in \u00a0
estimating the fair values. An exit yield of 11.75% and discount rate of 13.75% were adopted, noting a 25bps decrease compared to 2024 as a result of decreasing cost of \u00a0
capital influenced by base rent rate cuts during 2025, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease \u00a0
agreements and the physical state of the particular buildings. Using the assumptions mentioned above, a value of the subject was calculated reflecting an initial yield of 8.7% \u00a0
(in 2024 9%) and a final yield of 15.3% (in 2024 15.7%). \u00a0
Other assumptions: \u00a0
Short-term leases: assumed to expire after their notice periods \u00a0
Letting voids: 24 months for offices / 12 for warehouse & production space \u00a0
Reletting voids: 10 months for offices / 5 for warehouse & production space and SBU units \u00a0
No fit-out contributions \u00a0
Letting fees: 16.7% of annual market rent \u00a0
No rent-free periods \u00a0
Empty service charge 25 DKK per sqm during void periods \u00a0
Irrecoverable operating costs DKK 4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget) \u00a0
Capital expenditure of DKK 2.4 million \u00a0
In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted \u00a0
administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the \u00a0
transitional phase. \u00a0
Fair value hierarchy information \u00a0
Level 1 \u00a0
Level 2 \u00a0
Level 3 \u00a0
at 31/12 \u00a0
2025 \u00a0
Land / roads \u00a0
53 945 \u00a0
53 945 \u00a0
Plots of land with buildings \u00a0
144 115 \u00a0
144 115 \u00a0
Right of use \u00a0
23 829 \u00a0
23 829 \u00a0
Total investment property \u00a0
221 889 \u00a0
221 889 \u00a0
2024 \u00a0
Land / roads \u00a0
53 513 \u00a0
53 513 \u00a0
Plots of land with buildings \u00a0
138 321 \u00a0
138 321 \u00a0
Right of use \u00a0
26 318 \u00a0
26 318 \u00a0
Total investment property \u00a0
218 151 \u00a0
218 151 \u00a0
Rental income from investment property \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Rental income from investment property \u00a0
30 139 \u00a0
28 135 \u00a0
0
0
Total \u00a0
30 139 \u00a0
28 135 \u00a0
Direct operating expenses arising from investment property \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Direct operating expenses (including repairs and \u00a0
0
0
maintenance) arising from investment property that \u00a0
9 057 \u00a0
7 675 \u00a0
generated rental income during the period \u00a0
Direct operating expenses (including repairs and \u00a0
0
0
maintenance) arising from investment property that did \u00a0
289 \u00a0
246 \u00a0
not generate rental income during the period \u00a0
0
0
Total \u00a0
9 346 \u00a0
7 921 \u00a0
Amounts of minimum lease payments at balance sheet date under non-cancellable operating leases. \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Operating lease payments may be specified as follows: \u00a0
0
0
Within 1 year \u00a0
7 551 \u00a0
7 605 \u00a0
0
0
Between 1 and 5 years \u00a0
37 \u00a0
35 \u00a0
0
0
Total \u00a0
7 588 \u00a0
7 640 \u00a0
For agreements with tenants for an indefinite period, the above figures represent the aggregate rental income from leasing agreements within their notice periods. For \u00a0
agreements with tenants for a definite period, the above figures represent the aggregate rental until the end of the agreement. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1217": { "value": "
9. \u00a0
PROPERTY, PLANT AND EQUIPMENT \u00a0
2025 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2025 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
Foreign exchange adjustments \u00a0
2 023 \u00a0
304 \u00a0
2 327 \u00a0
1
265 \u00a0
2 328 \u00a0
Right of use, depreciation \u00a0
0
0
0
(72) \u00a0
(72) \u00a0
(72) \u00a0
Additions \u00a0
0
2 806 \u00a0
2 806 \u00a0
252 \u00a0
3 058 \u00a0
3 058 \u00a0
Disposals or liquidation \u00a0
(1 284) \u00a0
0
(1 284) \u00a0
0
0
(1 284) \u00a0
Transfer to inventories (work in progress) \u00a0
(44 263) \u00a0
(1 257) \u00a0
(45 521) \u00a0
0
(1 257) \u00a0
(45 521) \u00a0
Shortening the leasing period \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
0
(4 187) \u00a0
(4 187) \u00a0
Enhancement costs \u00a0
3 412 \u00a0
0
3 412 \u00a0
0
0
3 412 \u00a0
Revaluation to market value \u00a0
46 299 \u00a0
(297) \u00a0
46 003 \u00a0
0
(297) \u00a0
46 003 \u00a0
Carrying amount at 31 December 2025 \u00a0
198 020 \u00a0
23 665 \u00a0
221 685 \u00a0
204 \u00a0
23 829 \u00a0
221 889 \u00a0
* Unrealised revaluation to marked value amounts to DKK\u2019000 46,003. \u00a0
2024 \u00a0
Investment \u00a0
Total \u00a0
Plant and \u00a0
Total property \u00a0
Investment property, \u00a0
Investment machinery \u00a0
Total plant
and \u00a0
DKK\u2019000 \u00a0
property right
of use \u00a0
property right
right of use
of use
equipment \u00a0
Carrying amount at 1 January 2024 \u00a0
171 044 \u00a0
25 239 \u00a0
196 283 \u00a0
85 \u00a0
25 324 \u00a0
196 368 \u00a0
Foreign exchange adjustments \u00a0
3 938 \u00a0
467 \u00a0
4 405 \u00a0
(9) \u00a0
458 \u00a0
4 396 \u00a0
Right of use, depreciation \u00a0
0
0
0
(53) \u00a0
(53) \u00a0
(53) \u00a0
Additions \u00a0
0
763 \u00a0
763 \u00a0
0
763 \u00a0
763 \u00a0
Disposals \u00a0
0
0
0
0
0
0
Transfer to inventories (work in progress) \u00a0
0
0
0
0
0
0
Shortening the leasing period \u00a0
0
0
0
0
0
Enhancement costs \u00a0
4 631 \u00a0
0
4 631 \u00a0
0
0
4 631 \u00a0
Revaluation to market value \u00a0
12 221 \u00a0
(174) \u00a0
12 047 \u00a0
0
(174) \u00a0
12 047 \u00a0
Carrying amount at 31 December 2024 \u00a0
191 833 \u00a0
26 295 \u00a0
218 128 \u00a0
23 \u00a0
26 318 \u00a0
218 151 \u00a0
*Unrealised revaluation to marked value amounts to DKK\u2019000 12,047. \u00a0
The Polish properties have an assessed value of DKK 221,889 thousand, of which DKK 197,865 thousand is the real estate in Warsaw, DKK 155 thousand is a land plot in \u00a0
Blichowo and DKK 23,829 thousand is the right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation \u00a0
report received in December 2025, prepared by a leading international real estate appraiser in Warsaw. The value of the land plot in Blichowo has been assessed by the \u00a0
company\u2019s management using a comparative method. \u00a0
The value of the real estate in Warsaw represents the valuers\u2019 assessment of the current fair value. In addition to the general price level in the market, the assessment is \u00a0
based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the current and potential income generated by \u00a0
the property and the zoning of the area and development potential. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution \u00a0
of former owners\u2019 claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or adversely impact \u00a0
the property valuation. \u00a0
For the valuation purposes, the property was divided into four groups based on designation/use: internal roads, industrial schemes (buildings), development land and plots \u00a0
designated for external roads. \u00a0
For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine \u00a0
the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their \u00a0
individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage \u00a0
weighting, and the characteristics of each comparable and the subject are then rated, typically from 1\u20135, from very good to very poor. The price of each comparable is \u00a0
adjusted according to how it differs from the subject, with the resulting adjusted average price from the comparables taken as providing a reasonable indication of the \u00a0
subject\u2019s value. \u00a0
Industrial buildings are valued using an income based approach based on current and potential earnings. Income from each lessee is expected to be generated for as long as \u00a0
the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. \u00a0
Adjustments are made for lost rental income during void periods expenditures and unobtainable running costs. Market rents applied range from DKK 65.1 per sqm for \u00a0
ordinary warehouses (21,141 sqm), DKK 73.9 per sqm for offices (4,039 sqm), small business units DKK 89.8 (3,577 sqm) and DKK 123.2 per sqm for self-storage boxes (1,874 \u00a0
sqm). \u00a0
For the purpose of the valuation of the industrial buildings, discounted cash flow has been used. The required rates of return which have been set are an important factor in \u00a0
estimating the fair values. An exit yield of 11.75% and discount rate of 13.75% were adopted, noting a 25bps decrease compared to 2024 as a result of decreasing cost of \u00a0
capital influenced by base rent rate cuts during 2025, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease \u00a0
agreements and the physical state of the particular buildings. Using the assumptions mentioned above, a value of the subject was calculated reflecting an initial yield of 8.7% \u00a0
(in 2024 9%) and a final yield of 15.3% (in 2024 15.7%). \u00a0
Other assumptions: \u00a0
Short-term leases: assumed to expire after their notice periods \u00a0
Letting voids: 24 months for offices / 12 for warehouse & production space \u00a0
Reletting voids: 10 months for offices / 5 for warehouse & production space and SBU units \u00a0
No fit-out contributions \u00a0
Letting fees: 16.7% of annual market rent \u00a0
No rent-free periods \u00a0
Empty service charge 25 DKK per sqm during void periods \u00a0
Irrecoverable operating costs DKK 4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget) \u00a0
Capital expenditure of DKK 2.4 million \u00a0
In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted \u00a0
administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the \u00a0
transitional phase. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1248": { "value": "
Direct operating expenses arising from investment property \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Direct operating expenses (including repairs and \u00a0
0
0
maintenance) arising from investment property that \u00a0
9 057 \u00a0
7 675 \u00a0
generated rental income during the period \u00a0
Direct operating expenses (including repairs and \u00a0
0
0
maintenance) arising from investment property that did \u00a0
289 \u00a0
246 \u00a0
not generate rental income during the period \u00a0
0
0
Total \u00a0
9 346 \u00a0
7 921 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1250": { "value": "
Amounts of minimum lease payments at balance sheet date under non-cancellable operating leases. \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Operating lease payments may be specified as follows: \u00a0
0
0
Within 1 year \u00a0
7 551 \u00a0
7 605 \u00a0
0
0
Between 1 and 5 years \u00a0
37 \u00a0
35 \u00a0
0
0
Total \u00a0
7 588 \u00a0
7 640 \u00a0
For agreements with tenants for an indefinite period, the above figures represent the aggregate rental income from leasing agreements within their notice periods. For \u00a0
agreements with tenants for a definite period, the above figures represent the aggregate rental until the end of the agreement. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1263": { "value": "
14. CASH
AND CASH EQUIVALENTS AS PER THE CASH FLOW STATEMENT \u00a0
The Group's cash and cash equivalents primarily consist of bank deposits. No credit risk is deemed to be associated with cash and cash equivalents. Bank deposits \u00a0
carry floating rates of interest. The carrying amount equals the fair value of the assets. \u00a0
The Moje Bielany development project operating on the Polish market, launched in the second half of 2023, is covered by the Act on the Protection of Rights of \u00a0
Buyers of Residential Premises or Single-Family Houses, which is related to, inter alia, securing funds paid by buyers by the bank running the buyers' trust accounts. \u00a0
Due to the completion of the project and the bank loan repayment only a small part of the clients\u2019 funds remain in the trust accounts (till the final notary acts). \u00a0
18. CHANGES
IN LIABILITIES ARISING FROM FINANCING ACTIVITIES \u00a0
GROUP \u00a0
2025 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Lease liabilities \u00a0
21 \u00a0
252 \u00a0
(79) \u00a0
11 \u00a0
(1) \u00a0
204 \u00a0
Bank loans (overdraft) \u00a0
0
850 \u00a0
(915) \u00a0
65 \u00a0
0
0
Bank loans (development) \u00a0
17 020 \u00a0
33 622 \u00a0
(51 995) \u00a0
1 237 \u00a0
115 \u00a0
0
Total financial liabilities \u00a0
17 042 \u00a0
34 724 \u00a0
(52989) \u00a0
1 313 \u00a0
114 \u00a0
204 \u00a0
GROUP \u00a0
2024 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Lease liabilities \u00a0
75 \u00a0
0
(60) \u00a0
6
0
21 \u00a0
Bank loans (overdraft) \u00a0
16 \u00a0
800 \u00a0
(875) \u00a0
59 \u00a0
0
0
Bank loans (development) \u00a0
3 339 \u00a0
62 107 \u00a0
(50 678) \u00a0
2 082 \u00a0
170 \u00a0
17 020 \u00a0
Total financial liabilities \u00a0
3 430 \u00a0
62 907 \u00a0
(51613) \u00a0
2 147 \u00a0
170 \u00a0
17 042 \u00a0
PARENT COMPANY \u00a0
2025 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Loans from subsidiaries \u00a0
42 788 \u00a0
4 009 \u00a0
0
1 785 \u00a0
467 \u00a0
49 049 \u00a0
Bank loans (overdraft) \u00a0
0
850 \u00a0
(915) \u00a0
65 \u00a0
0
0
Loans \u00a0
42 788 \u00a0
4 859 \u00a0
(915) \u00a0
1 851 \u00a0
467 \u00a0
49 049 \u00a0
2024 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Loans from subsidiaries \u00a0
38 304 \u00a0
2 180 \u00a0
0
1 576 \u00a0
728 \u00a0
42 788 \u00a0
Bank loans (overdraft) \u00a0
16 \u00a0
800 \u00a0
(875) \u00a0
59 \u00a0
0
0
Loans \u00a0
38 320 \u00a0
2 980 \u00a0
(875) \u00a0
1 635 \u00a0
728 \u00a0
42 788 \u00a0
The Group\u2019s financial gearing at the balance sheet date is calculated as follows: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Bank debt \u00a0
0
17 020 \u00a0
(229) \u00a0
(71) \u00a0
Cash and cash equivalents \u00a0
(40 489) \u00a0
(10 265) \u00a0
(229) \u00a0
(71) \u00a0
Net interest-bearing debt \u00a0
(40 489) \u00a0
6 755 \u00a0
43 593 \u00a0
49 427 \u00a0
Equity \u00a0
256 827 \u00a0
191 165 \u00a0
(0,01) \u00a0
0,00 \u00a0
Financial gearing \u00a0
(0,16) \u00a0
0,04 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1264": { "value": "
15. SHARE
CAPITAL \u00a0
The share capital consists of 249,850,303 shares of DKK 0.02 each. The shares have not been divided into classes and carry no special rights. \u00a0
000 \u00a0
2025 \u00a0
2024 \u00a0
Number of shares at 1 January \u00a0
249 850 \u00a0
249 850 \u00a0
Cancellation of own shares \u00a0
0
0
Number of shares at 31 December \u00a0
249 850 \u00a0
249 850 \u00a0
DKK'000 \u00a0
2024 \u00a0
2023 \u00a0
Share capital at 1 January \u00a0
4 997 \u00a0
4 997 \u00a0
Cancellation of own shares \u00a0
0
0
Share capital at 31 December \u00a0
4 997 \u00a0
4 997 \u00a0
16. OTHER
RESERVES \u00a0
The translation reserve comprises all foreign exchange adjustments arising from the translation of the financial statements of entities with other functional \u00a0
currencies than DKK and the foreign exchange adjustments of receivables from or payables to subsidiaries which are considered part of the parent company\u2019s \u00a0
overall investment in the subsidiary. \u00a0
28. SHAREHOLDER
INFORMATION \u00a0
The parent company has registered the following shareholders holding more than 5% of the voting rights or nominal value of the share capital as at 31.12.2025 \u00a0
Composition of shareholders \u00a0
Number of shares \u00a0
Capital DKK \u00a0
Capital % \u00a0
EDJ-Gruppen Havnegade 19 6700 Esbjerg, Denmark \u00a0
81 234 585 \u00a0
1 624 692 \u00a0
32,51 \u00a0
Gist Holding ApS C.F Richs Vej 31 \u00a0
10,0 \u2013 15,0 \u00a0
Frede Clausen \u00a0
12 578 091 \u00a0
251 562 \u00a0
5,03 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1267": { "value": "
17. LEASE
LIABILITIES \u00a0
GROUP \u00a0
Lease liabilities arise from the application of IFRS 16 and relate to the right of perpetual usufruct and the leasing of a company car. Disclosures regarding the \u00a0
depreciation charge for right-of-use assets and the carrying amount of right-of-use assets at the end of the reporting period are included in Note 9. Interest \u00a0
expense on lease liabilities is presented in Note 6. The total cash outflow for leases was DKK 1,947 thousand in 2025. The fixed incremental borrowing rate applied \u00a0
for first time recognition of lease liability was 6%. The total lease obligation was discounted using the incremental borrowing rate over the total lease period, \u00a0
which is 64 years. \u00a0
Minimium lease \u00a0
Present value of \u00a0
payments \u00a0
minimum lease payments \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
Finance lease liabilities fall due as follows: \u00a0
Within 1 year from the balance sheet date \u00a0
1 973 \u00a0
1 804 \u00a0
1 862 \u00a0
1 700 \u00a0
Between 1 and 5 years from the balance sheet date \u00a0
8 808 \u00a0
8 199 \u00a0
7 070 \u00a0
6 526 \u00a0
More than 5 years from the balance sheet date \u00a0
87 992 \u00a0
95 240 \u00a0
17 213 \u00a0
18 354 \u00a0
At 31 December \u00a0
98 772 \u00a0
105 243 \u00a0
26 145 \u00a0
26 580 \u00a0
Present \u00a0
value of \u00a0
minimum \u00a0
Fixed or \u00a0
lease \u00a0
floating \u00a0
payments, Fair
value, \u00a0
2025 \u00a0
Expiry \u00a0
interest rate
DKK'000 \u00a0
DKK'000 \u00a0
Lease liability, right of use investment property \u00a0
2089 \u00a0
Fixed \u00a0
25 941 \u00a0
25 941 \u00a0
Lease liability, right of use plant and machinery \u00a0
2028 \u00a0
Floating \u00a0
204 \u00a0
204 \u00a0
Total \u00a0
26 145 \u00a0
26 145 \u00a0
Present \u00a0
value of \u00a0
minimum \u00a0
Fixed or \u00a0
lease \u00a0
floating \u00a0
payments, Fair
value, \u00a0
2024 \u00a0
Expiry \u00a0
interest rate
DKK'000 \u00a0
DKK'000 \u00a0
Lease liability, right of use investment property \u00a0
2 089 \u00a0
Fixed \u00a0
26 559 \u00a0
26 559 \u00a0
Lease liability, right of use plant and machinery \u00a0
2 025 \u00a0
Floating \u00a0
21 \u00a0
21 \u00a0
Total \u00a0
26 580 \u00a0
26 580 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1275": { "value": "
18. CHANGES
IN LIABILITIES ARISING FROM FINANCING ACTIVITIES \u00a0
GROUP \u00a0
2025 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Lease liabilities \u00a0
21 \u00a0
252 \u00a0
(79) \u00a0
11 \u00a0
(1) \u00a0
204 \u00a0
Bank loans (overdraft) \u00a0
0
850 \u00a0
(915) \u00a0
65 \u00a0
0
0
Bank loans (development) \u00a0
17 020 \u00a0
33 622 \u00a0
(51 995) \u00a0
1 237 \u00a0
115 \u00a0
0
Total financial liabilities \u00a0
17 042 \u00a0
34 724 \u00a0
(52989) \u00a0
1 313 \u00a0
114 \u00a0
204 \u00a0
GROUP \u00a0
2024 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Lease liabilities \u00a0
75 \u00a0
0
(60) \u00a0
6
0
21 \u00a0
Bank loans (overdraft) \u00a0
16 \u00a0
800 \u00a0
(875) \u00a0
59 \u00a0
0
0
Bank loans (development) \u00a0
3 339 \u00a0
62 107 \u00a0
(50 678) \u00a0
2 082 \u00a0
170 \u00a0
17 020 \u00a0
Total financial liabilities \u00a0
3 430 \u00a0
62 907 \u00a0
(51613) \u00a0
2 147 \u00a0
170 \u00a0
17 042 \u00a0
PARENT COMPANY \u00a0
2025 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Loans from subsidiaries \u00a0
42 788 \u00a0
4 009 \u00a0
0
1 785 \u00a0
467 \u00a0
49 049 \u00a0
Bank loans (overdraft) \u00a0
0
850 \u00a0
(915) \u00a0
65 \u00a0
0
0
Loans \u00a0
42 788 \u00a0
4 859 \u00a0
(915) \u00a0
1 851 \u00a0
467 \u00a0
49 049 \u00a0
2024 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Loans from subsidiaries \u00a0
38 304 \u00a0
2 180 \u00a0
0
1 576 \u00a0
728 \u00a0
42 788 \u00a0
Bank loans (overdraft) \u00a0
16 \u00a0
800 \u00a0
(875) \u00a0
59 \u00a0
0
0
Loans \u00a0
38 320 \u00a0
2 980 \u00a0
(875) \u00a0
1 635 \u00a0
728 \u00a0
42 788 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1277": { "value": "
18. CHANGES
IN LIABILITIES ARISING FROM FINANCING ACTIVITIES \u00a0
GROUP \u00a0
2025 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Lease liabilities \u00a0
21 \u00a0
252 \u00a0
(79) \u00a0
11 \u00a0
(1) \u00a0
204 \u00a0
Bank loans (overdraft) \u00a0
0
850 \u00a0
(915) \u00a0
65 \u00a0
0
0
Bank loans (development) \u00a0
17 020 \u00a0
33 622 \u00a0
(51 995) \u00a0
1 237 \u00a0
115 \u00a0
0
Total financial liabilities \u00a0
17 042 \u00a0
34 724 \u00a0
(52989) \u00a0
1 313 \u00a0
114 \u00a0
204 \u00a0
GROUP \u00a0
2024 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Lease liabilities \u00a0
75 \u00a0
0
(60) \u00a0
6
0
21 \u00a0
Bank loans (overdraft) \u00a0
16 \u00a0
800 \u00a0
(875) \u00a0
59 \u00a0
0
0
Bank loans (development) \u00a0
3 339 \u00a0
62 107 \u00a0
(50 678) \u00a0
2 082 \u00a0
170 \u00a0
17 020 \u00a0
Total financial liabilities \u00a0
3 430 \u00a0
62 907 \u00a0
(51613) \u00a0
2 147 \u00a0
170 \u00a0
17 042 \u00a0
PARENT COMPANY \u00a0
2025 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Loans from subsidiaries \u00a0
42 788 \u00a0
4 009 \u00a0
0
1 785 \u00a0
467 \u00a0
49 049 \u00a0
Bank loans (overdraft) \u00a0
0
850 \u00a0
(915) \u00a0
65 \u00a0
0
0
Loans \u00a0
42 788 \u00a0
4 859 \u00a0
(915) \u00a0
1 851 \u00a0
467 \u00a0
49 049 \u00a0
2024 \u00a0
Cash flow \u00a0
Cash flow \u00a0
Non-cash \u00a0
Beginning \u00a0
Non-cash \u00a0
End of \u00a0
DKK\u2019000 \u00a0
proceeds repayments \u00a0
Exchange \u00a0
of year \u00a0
Other \u00a0
year \u00a0
from loans \u00a0
of loans \u00a0
rate adj. \u00a0
Loans from subsidiaries \u00a0
38 304 \u00a0
2 180 \u00a0
0
1 576 \u00a0
728 \u00a0
42 788 \u00a0
Bank loans (overdraft) \u00a0
16 \u00a0
800 \u00a0
(875) \u00a0
59 \u00a0
0
0
Loans \u00a0
38 320 \u00a0
2 980 \u00a0
(875) \u00a0
1 635 \u00a0
728 \u00a0
42 788 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1286": { "value": "
19. TRADE
PAYABLES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Amounts owed to suppliers for goods and services \u00a0
540 \u00a0
339 \u00a0
3 117 \u00a0
12 722 \u00a0
delivered \u00a0
540 \u00a0
339 \u00a0
Total \u00a0
3 117 \u00a0
12 722 \u00a0
The carrying amount equals the fair value of the liabilities. Amounts owed to suppliers fall due within one year. \u00a0
20. OTHER
PAYABLES \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
Wages and salaries, BoD fee, social security contributions, \u00a0
1 101 \u00a0
1 242 \u00a0
2 183 \u00a0
2 162 \u00a0
etc. payable \u00a0
0
0
Holiday pay obligation etc. \u00a0
356 \u00a0
354 \u00a0
0
0
VAT and other indirect taxes payable \u00a0
0
23 \u00a0
0
0
Advance payments received from apartment buyers \u00a0
14 913 \u00a0
46 485 \u00a0
0
0
Cost provisions and other payables \u00a0
2 644 \u00a0
977 \u00a0
1 101 \u00a0
1 242 \u00a0
Total \u00a0
20 095 \u00a0
50 001 \u00a0
The carrying amount of payables in respect of payroll, Board of Directors\u2019 fees, tax deducted at source, social security contributions, holiday pay etc., VAT and \u00a0
other indirect taxes and other payables corresponds to the fair value of these liabilities. Holiday pay obligations etc. represent the Group\u2019s obligation to pay wages \u00a0
and salaries during holidays in the next financial year, to which the employees have earned entitlement as at the balance sheet date. All items under other payables \u00a0
are expected to be settled within one year. \u00a0
21. CHANGE
IN NET WORKING CAPITAL \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Change in inventories \u00a0
19 955 \u00a0
(61 104) \u00a0
0
0
Change in receivables \u00a0
(6 413) \u00a0
4 816 \u00a0
60 \u00a0
33 \u00a0
Change in trade payables and other payables \u00a0
(39 511) \u00a0
44 483 \u00a0
(0) \u00a0
95 \u00a0
Change in balances with subsidiaries \u00a0
0
0
60 \u00a0
128 \u00a0
Total \u00a0
(25 969) \u00a0
(11 805) \u00a0
24. FINANCIAL
RISKS AND FINANCIAL INSTRUMENTS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Trade receivables \u00a0
8 920 \u00a0
2 923 \u00a0
846 \u00a0
517 \u00a0
Intra-group receivables \u00a0
0
0
0
0
Other receivables, current \u00a0
1 864 \u00a0
3 793 \u00a0
0
0
Other receivables, non-current \u00a0
952 \u00a0
309 \u00a0
0
0
Prepayments \u00a0
2 345 \u00a0
0
229 \u00a0
71 \u00a0
Cash and cash equivalents \u00a0
40 489 \u00a0
10 265 \u00a0
1 075 \u00a0
588 \u00a0
Loans, advances and receivables \u00a0
54 570 \u00a0
17 290 \u00a0
49 180 \u00a0
42 919 \u00a0
Debt to subsidiaries \u00a0
0
0
0
0
Finance lease liabilities, current \u00a0
1 862 \u00a0
1 622 \u00a0
0
0
Finance lease liabilities, non-current \u00a0
24 283 \u00a0
24 958 \u00a0
0
0
Bank loans \u00a0
0
17 020 \u00a0
0
0
Other non-current liabilities \u00a0
6 430 \u00a0
6 270 \u00a0
540 \u00a0
339 \u00a0
Trade payables \u00a0
3 117 \u00a0
12 722 \u00a0
0
0
Income tax payable \u00a0
3 090 \u00a0
326 \u00a0
1 101 \u00a0
1 242 \u00a0
Other payables \u00a0
20 095 \u00a0
50 001 \u00a0
50 821 \u00a0
44 500 \u00a0
Financial liabilities \u00a0
58 877 \u00a0
112 919 \u00a0
Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1294": { "value": "
22. GUARANTEES
AND CONTINGENT LIABILITIES \u00a0
In connection with the development loan agreement concluded by W131 Sp. z o.o. with mBank S.A. in August 2023, CeMat '70 S.A. acted as a Sponsor under a \u00a0
Support Agreement and undertook to provide financial support in the event of a project budget overrun, up to PLN 5,772,851. The Sponsor submitted to \u00a0
enforcement pursuant to Article 777 \u00a71(5) of the Polish Code of Civil Procedure to secure these obligations. \u00a0
Following the full repayment of the loan, the Sponsor\u2019s obligations under the Support Agreement expired and the related security ceased to be effective. As at \u00a0
the reporting date, no guarantees or contingent liabilities remain outstanding in this respect. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1295": { "value": "
23. OTHER
CONTRACTUAL COMMITMENTS \u00a0
At the balance sheet date, the Group had no contractual commitments. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1296": { "value": "
24. FINANCIAL
RISKS AND FINANCIAL INSTRUMENTS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Trade receivables \u00a0
8 920 \u00a0
2 923 \u00a0
846 \u00a0
517 \u00a0
Intra-group receivables \u00a0
0
0
0
0
Other receivables, current \u00a0
1 864 \u00a0
3 793 \u00a0
0
0
Other receivables, non-current \u00a0
952 \u00a0
309 \u00a0
0
0
Prepayments \u00a0
2 345 \u00a0
0
229 \u00a0
71 \u00a0
Cash and cash equivalents \u00a0
40 489 \u00a0
10 265 \u00a0
1 075 \u00a0
588 \u00a0
Loans, advances and receivables \u00a0
54 570 \u00a0
17 290 \u00a0
49 180 \u00a0
42 919 \u00a0
Debt to subsidiaries \u00a0
0
0
0
0
Finance lease liabilities, current \u00a0
1 862 \u00a0
1 622 \u00a0
0
0
Finance lease liabilities, non-current \u00a0
24 283 \u00a0
24 958 \u00a0
0
0
Bank loans \u00a0
0
17 020 \u00a0
0
0
Other non-current liabilities \u00a0
6 430 \u00a0
6 270 \u00a0
540 \u00a0
339 \u00a0
Trade payables \u00a0
3 117 \u00a0
12 722 \u00a0
0
0
Income tax payable \u00a0
3 090 \u00a0
326 \u00a0
1 101 \u00a0
1 242 \u00a0
Other payables \u00a0
20 095 \u00a0
50 001 \u00a0
50 821 \u00a0
44 500 \u00a0
Financial liabilities \u00a0
58 877 \u00a0
112 919 \u00a0
Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost. \u00a0
Unhedged net position at balance sheet date: \u00a0
GROUP \u00a0
2025 \u00a0
Cash \u00a0
deposits \u00a0
Of which
Unhedged \u00a0
DKK\u2019000 \u00a0
Receivables \u00a0
Liabilities Net
position \u00a0
and \u00a0
hedged net
position \u00a0
securities \u00a0
PLN \u00a0
40 260 \u00a0
13 129 \u00a0
(57 236) \u00a0
(3 847) \u00a0
0
(3 847) \u00a0
DKK \u00a0
229 \u00a0
0
(1 641) \u00a0
(1 412) \u00a0
0
(1 412) \u00a0
Total \u00a0
40 489 \u00a0
13 129 \u00a0
(58 877) \u00a0
(5 259) \u00a0
0
(5 259) \u00a0
2024 \u00a0
Cash \u00a0
deposits \u00a0
Of which
Unhedged \u00a0
DKK\u2019000 \u00a0
Receivables \u00a0
Liabilities Net
position \u00a0
and \u00a0
hedged net
position \u00a0
securities \u00a0
PLN \u00a0
10 194 \u00a0
6 716 \u00a0
(111 338) \u00a0
(94 428) \u00a0
0
(94 428) \u00a0
DKK \u00a0
71 \u00a0
0
(1 581) \u00a0
(1 510) \u00a0
0
(1 510) \u00a0
Total \u00a0
10 265 \u00a0
6 716 \u00a0
(112 919) \u00a0
(95 938) \u00a0
0
(95 938) \u00a0
PARENT \u00a0
2025 \u00a0
Cash \u00a0
deposits \u00a0
Of which
Unhedged \u00a0
DKK\u2019000 \u00a0
Receivables \u00a0
Liabilities Net
position \u00a0
and \u00a0
hedged net
position \u00a0
securities \u00a0
PLN \u00a0
0
846 \u00a0
(49 180) \u00a0
(48 334) \u00a0
0
(48 334) \u00a0
DKK \u00a0
229 \u00a0
0
(1 641) \u00a0
(1 412) \u00a0
0
(1 412) \u00a0
Total \u00a0
229 \u00a0
846 \u00a0
(50 821) \u00a0
(49 746) \u00a0
0
(49 746) \u00a0
2024 \u00a0
Cash \u00a0
deposits \u00a0
Of which
Unhedged \u00a0
DKK\u2019000 \u00a0
Receivables \u00a0
Liabilities Net
position \u00a0
and \u00a0
hedged net
position \u00a0
securities \u00a0
PLN \u00a0
0
517 \u00a0
(42 919) \u00a0
(42 402) \u00a0
0
(42 402) \u00a0
DKK \u00a0
71 \u00a0
0
(1 581) \u00a0
(1 510) \u00a0
0
(1 510) \u00a0
Total \u00a0
71 \u00a0
517 \u00a0
(44 500) \u00a0
(43 912) \u00a0
0
(43 912) \u00a0
Credit risk \u00a0
The Group\u2019s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The Group assesses the need for insurance \u00a0
on individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment to the Group. \u00a0
The primary credit risk of the Group is associated with trade receivables. No special credit risks are found to exist in this regard. \u00a0
Capital management \u00a0
The Group evaluates the need to adapt its capital structure on an ongoing basis. Management believes that the financing of the Group's future operations will be \u00a0
secured with the existing financial resources, cash flows from operating activities and bank loans in the case of development projects. \u00a0
As regards the free cash flow generated by the Group, first priority is to allocate free cash flows to the Group's continued expansion and shareholder dividends. \u00a0
For the Group, equity as a percentage of total equity and liabilities at the end of 2025 was 70.7% (2024: 55.8%). The realised return on equity for the Group for \u00a0
2025 was 29.4% (2024: 7.4%). \u00a0
The Group\u2019s financial gearing at the balance sheet date is calculated as follows: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Bank debt \u00a0
0
17 020 \u00a0
(229) \u00a0
(71) \u00a0
Cash and cash equivalents \u00a0
(40 489) \u00a0
(10 265) \u00a0
(229) \u00a0
(71) \u00a0
Net interest-bearing debt \u00a0
(40 489) \u00a0
6 755 \u00a0
43 593 \u00a0
49 427 \u00a0
Equity \u00a0
256 827 \u00a0
191 165 \u00a0
(0,01) \u00a0
0,00 \u00a0
Financial gearing \u00a0
(0,16) \u00a0
0,04 \u00a0
Liquidity and capital resources \u00a0
At Group level, free cash and cash equivalents amounted to DKK 40.5 million as at 31 December 2025, of which DKK 4.9 million is attributable to CeMat'70 S.A. \u00a0
Based on expectations for 2025, Management believes that the existing capital resources, bank loans available and the expected future cash flows will be sufficient \u00a0
to maintain operations and finance planned investments. \u00a0
The Group\u2019s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and timing of cash flow fluctuations will \u00a0
have an impact on the Group\u2019s capital resources. Management believes that any negative deviations in its operations relative to budgeted cash flows can be \u00a0
mitigated on a timely basis by cash flow-enhancing measures. \u00a0
Risk related to obtaining external financing \u00a0
The real estate development business, in which the Group operates, requires significant initial expenditures to purchase land and to cover construction, \u00a0
infrastructure, and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash through external financing \u00a0
by banks. The Group\u2019s ability to obtain such financing depends on many factors, in particular, on market conditions which are beyond the Group\u2019s control. In the \u00a0
event of difficulties in obtaining the required financing, there is a risk that the scale of the Group\u2019s development and pace of achieving its strategic objectives may \u00a0
differ from what was originally planned. In such a situation as described above, there is no certainty whether the Group will be able to obtain the required financing, \u00a0
nor whether financial resources will be obtained under conditions that are favourable to the Group. \u00a0
Loans that the Company intends to obtain will be against variable interest rates that are based on WIBOR rates plus a margin. Therefore, changes in the WIBOR \u00a0
rates will have an impact on the cash flow and profitability of the Company. \u00a0
Availability of mortgages \u00a0
The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses by individuals. \u00a0
Possible increases in interest rates, a deterioration of the economic situation in Poland, the pandemic situation and increased unemployment in Poland as well as \u00a0
possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments and houses, and therefore a decrease in interest \u00a0
from potential buyers in the Company's development projects, which in turn may have a significant adverse impact on the activities, financial standing or \u00a0
performance of the Company. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1298": { "value": "
24. FINANCIAL
RISKS AND FINANCIAL INSTRUMENTS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Trade receivables \u00a0
8 920 \u00a0
2 923 \u00a0
846 \u00a0
517 \u00a0
Intra-group receivables \u00a0
0
0
0
0
Other receivables, current \u00a0
1 864 \u00a0
3 793 \u00a0
0
0
Other receivables, non-current \u00a0
952 \u00a0
309 \u00a0
0
0
Prepayments \u00a0
2 345 \u00a0
0
229 \u00a0
71 \u00a0
Cash and cash equivalents \u00a0
40 489 \u00a0
10 265 \u00a0
1 075 \u00a0
588 \u00a0
Loans, advances and receivables \u00a0
54 570 \u00a0
17 290 \u00a0
49 180 \u00a0
42 919 \u00a0
Debt to subsidiaries \u00a0
0
0
0
0
Finance lease liabilities, current \u00a0
1 862 \u00a0
1 622 \u00a0
0
0
Finance lease liabilities, non-current \u00a0
24 283 \u00a0
24 958 \u00a0
0
0
Bank loans \u00a0
0
17 020 \u00a0
0
0
Other non-current liabilities \u00a0
6 430 \u00a0
6 270 \u00a0
540 \u00a0
339 \u00a0
Trade payables \u00a0
3 117 \u00a0
12 722 \u00a0
0
0
Income tax payable \u00a0
3 090 \u00a0
326 \u00a0
1 101 \u00a0
1 242 \u00a0
Other payables \u00a0
20 095 \u00a0
50 001 \u00a0
50 821 \u00a0
44 500 \u00a0
Financial liabilities \u00a0
58 877 \u00a0
112 919 \u00a0
Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1300": { "value": "
24. FINANCIAL
RISKS AND FINANCIAL INSTRUMENTS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Trade receivables \u00a0
8 920 \u00a0
2 923 \u00a0
846 \u00a0
517 \u00a0
Intra-group receivables \u00a0
0
0
0
0
Other receivables, current \u00a0
1 864 \u00a0
3 793 \u00a0
0
0
Other receivables, non-current \u00a0
952 \u00a0
309 \u00a0
0
0
Prepayments \u00a0
2 345 \u00a0
0
229 \u00a0
71 \u00a0
Cash and cash equivalents \u00a0
40 489 \u00a0
10 265 \u00a0
1 075 \u00a0
588 \u00a0
Loans, advances and receivables \u00a0
54 570 \u00a0
17 290 \u00a0
49 180 \u00a0
42 919 \u00a0
Debt to subsidiaries \u00a0
0
0
0
0
Finance lease liabilities, current \u00a0
1 862 \u00a0
1 622 \u00a0
0
0
Finance lease liabilities, non-current \u00a0
24 283 \u00a0
24 958 \u00a0
0
0
Bank loans \u00a0
0
17 020 \u00a0
0
0
Other non-current liabilities \u00a0
6 430 \u00a0
6 270 \u00a0
540 \u00a0
339 \u00a0
Trade payables \u00a0
3 117 \u00a0
12 722 \u00a0
0
0
Income tax payable \u00a0
3 090 \u00a0
326 \u00a0
1 101 \u00a0
1 242 \u00a0
Other payables \u00a0
20 095 \u00a0
50 001 \u00a0
50 821 \u00a0
44 500 \u00a0
Financial liabilities \u00a0
58 877 \u00a0
112 919 \u00a0
Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1308": { "value": "
The Group\u2019s risk management policy \u00a0
Risk management is an integral part of the day-to-day management of the business and is subject to continuous review by Management. Management believes \u00a0
that all material risks, apart from financial risks, concern supplier-customer relations. Due to the nature of its operations and capitalisation, the Group is not \u00a0
particularly exposed to fluctuations in exchange rates and interest rates. The Group pursues a low-risk profile, with currency, interest rate and credit risks arising \u00a0
only in connection with commercial relations. It is the Group\u2019s policy not to actively speculate in financial risks. \u00a0
The Group manages its financial risks by means of a model for managing its cash budgeting covering a period of 1 year. \u00a0
Unhedged net position at balance sheet date: \u00a0
GROUP \u00a0
2025 \u00a0
Cash \u00a0
deposits \u00a0
Of which
Unhedged \u00a0
DKK\u2019000 \u00a0
Receivables \u00a0
Liabilities Net
position \u00a0
and \u00a0
hedged net
position \u00a0
securities \u00a0
PLN \u00a0
40 260 \u00a0
13 129 \u00a0
(57 236) \u00a0
(3 847) \u00a0
0
(3 847) \u00a0
DKK \u00a0
229 \u00a0
0
(1 641) \u00a0
(1 412) \u00a0
0
(1 412) \u00a0
Total \u00a0
40 489 \u00a0
13 129 \u00a0
(58 877) \u00a0
(5 259) \u00a0
0
(5 259) \u00a0
2024 \u00a0
Cash \u00a0
deposits \u00a0
Of which
Unhedged \u00a0
DKK\u2019000 \u00a0
Receivables \u00a0
Liabilities Net
position \u00a0
and \u00a0
hedged net
position \u00a0
securities \u00a0
PLN \u00a0
10 194 \u00a0
6 716 \u00a0
(111 338) \u00a0
(94 428) \u00a0
0
(94 428) \u00a0
DKK \u00a0
71 \u00a0
0
(1 581) \u00a0
(1 510) \u00a0
0
(1 510) \u00a0
Total \u00a0
10 265 \u00a0
6 716 \u00a0
(112 919) \u00a0
(95 938) \u00a0
0
(95 938) \u00a0
PARENT \u00a0
2025 \u00a0
Cash \u00a0
deposits \u00a0
Of which
Unhedged \u00a0
DKK\u2019000 \u00a0
Receivables \u00a0
Liabilities Net
position \u00a0
and \u00a0
hedged net
position \u00a0
securities \u00a0
PLN \u00a0
0
846 \u00a0
(49 180) \u00a0
(48 334) \u00a0
0
(48 334) \u00a0
DKK \u00a0
229 \u00a0
0
(1 641) \u00a0
(1 412) \u00a0
0
(1 412) \u00a0
Total \u00a0
229 \u00a0
846 \u00a0
(50 821) \u00a0
(49 746) \u00a0
0
(49 746) \u00a0
2024 \u00a0
Cash \u00a0
deposits \u00a0
Of which
Unhedged \u00a0
DKK\u2019000 \u00a0
Receivables \u00a0
Liabilities Net
position \u00a0
and \u00a0
hedged net
position \u00a0
securities \u00a0
PLN \u00a0
0
517 \u00a0
(42 919) \u00a0
(42 402) \u00a0
0
(42 402) \u00a0
DKK \u00a0
71 \u00a0
0
(1 581) \u00a0
(1 510) \u00a0
0
(1 510) \u00a0
Total \u00a0
71 \u00a0
517 \u00a0
(44 500) \u00a0
(43 912) \u00a0
0
(43 912) \u00a0
Credit risk \u00a0
The Group\u2019s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The Group assesses the need for insurance \u00a0
on individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment to the Group. \u00a0
The primary credit risk of the Group is associated with trade receivables. No special credit risks are found to exist in this regard. \u00a0
Capital management \u00a0
The Group evaluates the need to adapt its capital structure on an ongoing basis. Management believes that the financing of the Group's future operations will be \u00a0
secured with the existing financial resources, cash flows from operating activities and bank loans in the case of development projects. \u00a0
As regards the free cash flow generated by the Group, first priority is to allocate free cash flows to the Group's continued expansion and shareholder dividends. \u00a0
For the Group, equity as a percentage of total equity and liabilities at the end of 2025 was 70.7% (2024: 55.8%). The realised return on equity for the Group for \u00a0
2025 was 29.4% (2024: 7.4%). \u00a0
The Group\u2019s financial gearing at the balance sheet date is calculated as follows: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Bank debt \u00a0
0
17 020 \u00a0
(229) \u00a0
(71) \u00a0
Cash and cash equivalents \u00a0
(40 489) \u00a0
(10 265) \u00a0
(229) \u00a0
(71) \u00a0
Net interest-bearing debt \u00a0
(40 489) \u00a0
6 755 \u00a0
43 593 \u00a0
49 427 \u00a0
Equity \u00a0
256 827 \u00a0
191 165 \u00a0
(0,01) \u00a0
0,00 \u00a0
Financial gearing \u00a0
(0,16) \u00a0
0,04 \u00a0
Liquidity and capital resources \u00a0
At Group level, free cash and cash equivalents amounted to DKK 40.5 million as at 31 December 2025, of which DKK 4.9 million is attributable to CeMat'70 S.A. \u00a0
Based on expectations for 2025, Management believes that the existing capital resources, bank loans available and the expected future cash flows will be sufficient \u00a0
to maintain operations and finance planned investments. \u00a0
The Group\u2019s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and timing of cash flow fluctuations will \u00a0
have an impact on the Group\u2019s capital resources. Management believes that any negative deviations in its operations relative to budgeted cash flows can be \u00a0
mitigated on a timely basis by cash flow-enhancing measures. \u00a0
Risk related to obtaining external financing \u00a0
The real estate development business, in which the Group operates, requires significant initial expenditures to purchase land and to cover construction, \u00a0
infrastructure, and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash through external financing \u00a0
by banks. The Group\u2019s ability to obtain such financing depends on many factors, in particular, on market conditions which are beyond the Group\u2019s control. In the \u00a0
event of difficulties in obtaining the required financing, there is a risk that the scale of the Group\u2019s development and pace of achieving its strategic objectives may \u00a0
differ from what was originally planned. In such a situation as described above, there is no certainty whether the Group will be able to obtain the required financing, \u00a0
nor whether financial resources will be obtained under conditions that are favourable to the Group. \u00a0
Loans that the Company intends to obtain will be against variable interest rates that are based on WIBOR rates plus a margin. Therefore, changes in the WIBOR \u00a0
rates will have an impact on the cash flow and profitability of the Company. \u00a0
Availability of mortgages \u00a0
The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses by individuals. \u00a0
Possible increases in interest rates, a deterioration of the economic situation in Poland, the pandemic situation and increased unemployment in Poland as well as \u00a0
possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments and houses, and therefore a decrease in interest \u00a0
from potential buyers in the Company's development projects, which in turn may have a significant adverse impact on the activities, financial standing or \u00a0
performance of the Company. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1309": { "value": "
Currency risk \u00a0
Currency risk constitutes the risk of losses (or the possibility of gains) when exchange rates change. Currency risk arises when income and expense items in foreign \u00a0
currency are recognised in profit or loss or from the value adjustment of balance sheet items denominated in other currencies. \u00a0
The Group\u2019s sales are primarily settled in PLN and cost items are typically settled in DKK or PLN. The Group does not use derivative financial instruments to hedge \u00a0
currency risks from cash flows or balance sheet items. Instead, the Group uses foreign currency to settle same-currency debt items, which generally reduces \u00a0
currency risk. \u00a0
The Group\u2019s financial gearing at the balance sheet date is calculated as follows: \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
0
0
Bank debt \u00a0
0
17 020 \u00a0
(229) \u00a0
(71) \u00a0
Cash and cash equivalents \u00a0
(40 489) \u00a0
(10 265) \u00a0
(229) \u00a0
(71) \u00a0
Net interest-bearing debt \u00a0
(40 489) \u00a0
6 755 \u00a0
43 593 \u00a0
49 427 \u00a0
Equity \u00a0
256 827 \u00a0
191 165 \u00a0
(0,01) \u00a0
0,00 \u00a0
Financial gearing \u00a0
(0,16) \u00a0
0,04 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1315": { "value": "
Credit risk \u00a0
The Group\u2019s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The Group assesses the need for insurance \u00a0
on individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment to the Group. \u00a0
The primary credit risk of the Group is associated with trade receivables. No special credit risks are found to exist in this regard. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1327": { "value": "
Liquidity and capital resources \u00a0
At Group level, free cash and cash equivalents amounted to DKK 40.5 million as at 31 December 2025, of which DKK 4.9 million is attributable to CeMat'70 S.A. \u00a0
Based on expectations for 2025, Management believes that the existing capital resources, bank loans available and the expected future cash flows will be sufficient \u00a0
to maintain operations and finance planned investments. \u00a0
The Group\u2019s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and timing of cash flow fluctuations will \u00a0
have an impact on the Group\u2019s capital resources. Management believes that any negative deviations in its operations relative to budgeted cash flows can be \u00a0
mitigated on a timely basis by cash flow-enhancing measures. \u00a0
Risk related to obtaining external financing \u00a0
The real estate development business, in which the Group operates, requires significant initial expenditures to purchase land and to cover construction, \u00a0
infrastructure, and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash through external financing \u00a0
by banks. The Group\u2019s ability to obtain such financing depends on many factors, in particular, on market conditions which are beyond the Group\u2019s control. In the \u00a0
event of difficulties in obtaining the required financing, there is a risk that the scale of the Group\u2019s development and pace of achieving its strategic objectives may \u00a0
differ from what was originally planned. In such a situation as described above, there is no certainty whether the Group will be able to obtain the required financing, \u00a0
nor whether financial resources will be obtained under conditions that are favourable to the Group. \u00a0
Loans that the Company intends to obtain will be against variable interest rates that are based on WIBOR rates plus a margin. Therefore, changes in the WIBOR \u00a0
rates will have an impact on the cash flow and profitability of the Company. \u00a0
Availability of mortgages \u00a0
The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses by individuals. \u00a0
Possible increases in interest rates, a deterioration of the economic situation in Poland, the pandemic situation and increased unemployment in Poland as well as \u00a0
possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments and houses, and therefore a decrease in interest \u00a0
from potential buyers in the Company's development projects, which in turn may have a significant adverse impact on the activities, financial standing or \u00a0
performance of the Company. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1334": { "value": "
25. FEE
FOR AUDITORS APPOINTED BY THE GENERAL MEETING \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
300 \u00a0
219 \u00a0
Audit of annual report \u00a0
508 \u00a0
428 \u00a0
51 \u00a0
66 \u00a0
Non-audit services \u00a0
51 \u00a0
66 \u00a0
351 \u00a0
285 \u00a0
Total \u00a0
559 \u00a0
495 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1335": { "value": "
26. RELATED
PARTIES \u00a0
The Group has no related parties exercising control. \u00a0
The Group has the following related parties: \u00a0
\u2022 Ambit
Jaros\u0142aw Lipi\u0144ski, owned by a member of the Management Board \u00a0
x
Mi\u0119towe Wzg\u00f3rza Izabella Rykowska-Urbaniak, owned by a member of the Management Board of CeMat Real Estate S.A. \u00a0
Real Estate S.A., subsidiary in Poland \u00a0
'70 S.A., subsidiary in Poland \u00a0
Sp. z o.o., subsidiary in Poland \u00a0
Sp. z o.o., subsidiary in Poland \u00a0
Bielany 3 Sp. z o.o., subsidiary in Poland \u00a0
Real Estate S.A., subsidiary in Poland \u00a0
'70 S.A., subsidiary in Poland \u00a0
27. RELATED
PARTY TRANSACTIONS \u00a0
PARENT COMPANY \u00a0
GROUP \u00a0
2025 \u00a0
2024 \u00a0
DKK'000 \u00a0
2025 \u00a0
2024 \u00a0
21 \u00a0
57 \u00a0
Subsidiaries, interest income \u00a0
0
0
(1 785) \u00a0
(1 576) \u00a0
Subsidiaries, interest expense \u00a0
0
0
(1 764) \u00a0
(1 519) \u00a0
Total \u00a0
0
0
Other management remuneration etc. is stated separately in connection with note 4 \u201cStaff costs\u201d. \u00a0
28. SHAREHOLDER
INFORMATION \u00a0
The parent company has registered the following shareholders holding more than 5% of the voting rights or nominal value of the share capital as at 31.12.2025 \u00a0
Composition of shareholders \u00a0
Number of shares \u00a0
Capital DKK \u00a0
Capital % \u00a0
EDJ-Gruppen Havnegade 19 6700 Esbjerg, Denmark \u00a0
81 234 585 \u00a0
1 624 692 \u00a0
32,51 \u00a0
Gist Holding ApS C.F Richs Vej 31 \u00a0
10,0 \u2013 15,0 \u00a0
Frede Clausen \u00a0
12 578 091 \u00a0
251 562 \u00a0
5,03 \u00a0
29. BOARD
OF DIRECTORS AND MANAGEMENT BOARD \u00a0
The Board of Directors and Management Board of CeMat A/S hold shares in CeMat A/S. \u00a0
Shares (own and related parties*) \u00a0
2025 \u00a0
2024 \u00a0
Frede Clausen, Chairman \u00a0
252 \u00a0
229 \u00a0
Eivind Dam Jensen (EDJ-Gruppen), Deputy Chairman \u00a0
1 625 \u00a0
1 625 \u00a0
Joanna Iwanowska-Nielsen, Member of the Board of Directors \u00a0
32 \u00a0
30 \u00a0
Brian Winther Almind, Member of the Board of Directors \u00a0
10 \u00a0
10 \u00a0
Jaros\u0142aw Lipi\u0144ski, CEO \u00a0
51 \u00a0
47 \u00a0
Total \u00a0
1 970 \u00a0
1 941 \u00a0
* Related parties are Management's close family and companies in which they hold managerial positions or directorships. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1351": { "value": "
29. BOARD
OF DIRECTORS AND MANAGEMENT BOARD \u00a0
The Board of Directors and Management Board of CeMat A/S hold shares in CeMat A/S. \u00a0
Shares (own and related parties*) \u00a0
2025 \u00a0
2024 \u00a0
Frede Clausen, Chairman \u00a0
252 \u00a0
229 \u00a0
Eivind Dam Jensen (EDJ-Gruppen), Deputy Chairman \u00a0
1 625 \u00a0
1 625 \u00a0
Joanna Iwanowska-Nielsen, Member of the Board of Directors \u00a0
32 \u00a0
30 \u00a0
Brian Winther Almind, Member of the Board of Directors \u00a0
10 \u00a0
10 \u00a0
Jaros\u0142aw Lipi\u0144ski, CEO \u00a0
51 \u00a0
47 \u00a0
Total \u00a0
1 970 \u00a0
1 941 \u00a0
* Related parties are Management's close family and companies in which they hold managerial positions or directorships. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1355": { "value": "
30. EVENTS
AFTER THE BALANCE SHEET DATE \u00a0
No significant events have occurred after the balance sheet date. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1354": { "value": "
31. APPROVAL
OF THE ANNUAL REPORT FOR PUBLICATION \u00a0
The Board of Directors approved this annual report for publication at a board meeting held on 25 February 2026. The annual report will be presented to the \u00a0
shareholders of the parent company for approval at the Annual General Meeting to be held on 24 March 2026. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800899MWAZT9KQZ78", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }